Classify each cost as being either variable or fixed with respect to the number of units produced and sold. Also classify each cost as either a period or a product cost.

Which two statements are true about a system? 1. a system is a group of objects analyzed as one unit. 2. energy that moves across system boundaries is conserved. 3. there’s only one way to define the boundaries of a system. 4. all systems are made by humans.

Which is an advantage to using nonrenewable resources? a. they can be cheaper. b.they can have a lower impact on the environment. c.they can be used up rapidly. d.they can contribute to global warming.

If inflation is 6% and nominal gdp grew by 4%, then during the same period real gdp changed by a) -2% b) 2% c) 4% d) 5%