Entrepreneurs play a key role in which type of economy?
A. centrally planned economy
B. market economy
C. command economy
D. All of these
Answer: B
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Economic analysis is useful is resolving all of the following types of issues EXCEPT:
A. positive B. monetary policy C. normative D. fiscal policy
Drawing conclusions from international comparisons of GDP are difficult to assess because
A) GDP is understated in poorer countries because much of the work that people do is not provided in markets. B) GDP cannot be adequately evaluated as a measure of people's welfare or well-being. C) without adjusting for purchasing power parity, GDP comparisons might very well be meaningless. D) all the above reasons hold true.
The above figure shows the payoff matrix for two firms, A and B, selecting an advertising budget. The firms must choose between a high advertising budget and a low advertising budget. Firm B's dominant strategy
A) does not exist. B) is to copy firm A. C) is to select a high advertising budget. D) is to select a low advertising budget.
Economic models are of limited use since they cannot be tested empirically
a. True b. False Indicate whether the statement is true or false