What Are Price Standards Based On

question 70

Multiple Choice

What are price standards based on?

• A)the amount that should be used per unit of output
• B)the amount that should be paid for the total quantity of input to be used
• C)the amount that should be paid per unit of output
• D)the amount that should be paid per unit of input purchased

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Definitions:

GIC

In Canada, a Guaranteed Investment Certificate is a type of investment that guarantees a fixed return rate over a certain period.

Compounded Annually

Interest on an investment calculated once a year, where each year's interest adds to the principal.

GIC

Guaranteed Investment Certificate, a Canadian investment that offers a guaranteed rate of return over a fixed period of time, usually with higher interest rates for longer terms.

Rising Rate

An increasing trend in interest or inflation rates over a certain period.