A Basic Principle of Economics Is That a Country's Standard

question 229

Multiple Choice

A basic principle of economics is that a country's standard of living depends on its

• A)quantity of physical capital.
• B)abundance of natural resources.
• C)ability to produce goods and services.
• D)ability to thrive economically without having to interact with other countries.

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Definitions:

Unliquidated Debt

Debt for which the specific value has not been determined, often because the exact amount depends on future events or conditions.

Unilateral Contract

A promise made by one party in exchange for the performance of an act by another party.

Bilateral Contract

A type of agreement in which both parties involved promise to perform certain actions or obligations.

Consideration

A legal concept referring to something of value exchanged between parties in a contract, making the agreement binding and enforceable.