ECON 1000 Chapter Notes - Chapter 1: Invisible Hand

Which of these items is likely to be relatively accurately estimated, when preparing the 2015 Pro-forma Income statement for NT Inc., in an uncertain economy?

a. sales forecast and hence, sales revenue

b. cost of goods sold

c. gross margin

d. rent on corporate headquarters

e. sales force commission at a rate of 6% of the sales dollar

Before money was invented how were goods and services exchanged?

A. Kings evenly distributed items

B. Merchants and customers bartered

C. Individuals were self-sufficient

D. Priests evenly distributed items

Look at products that you have in your house right now and describe two items that include a claim. Did the nutrient claims on the label persuade you to purchase those food items?