An entrepreneur
a. always makes a profit
b. generally avoids risky situations
c. claims the residual (i.e., whatever is left over) after other resource suppliers are compensated
d. is a parasite that benefits by not paying other resources for their services
e. is the manager who runs an enterprise and keeps the customers happy
C
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The equation of exchange is written as
A. M× V = P× Y. B. M× P = V× Y. C. M× Y = P× V. D. M× Y = Y× P.
An economic model includes
A) only normative statements. B) no use of marginal concepts. C) all known details in order to increase its accuracy. D) only details considered essential.
When entry and exit behavior of firms in an industry does not affect a firm's cost structure,
a. the long-run market supply curve must be horizontal. b. the long-run market supply curve must be upward-sloping. c. the long-run market supply curve must be downward-sloping. d. we do not have sufficient information to determine the shape of the long-run market supply curve.
To stabilize output, the Federal Reserve will _____ the money supply when aggregate demand falls
Fill in the blank(s) with correct word