People who create new economic enterprises are called:
A. engineers.
B. entrepreneurs.
C. owners of physical capital.
D. technology experts.
Answer: B
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Gordon argues that individual workers and firms prefer long-term contracts, but that such contracts
A) raise the costs of doing business, a macroeconomic externality. B) insure that output alone is adjusted as AD changes and therefore, such contracts impose high costs of output and employment instability on society. C) insure that the price level alone is adjusted as AD changes and therefore, such contracts impose high costs of output and employment instability on society. D) insure a macroeconomic externality, rigid unemployment.
The difference between M1 and M2 is given by
The shape of the supply curve of labor may be described as _________________.
Fill in the blank(s) with the appropriate word(s).
At the original exchange rate an import quota
a. creates a surplus in the market for foreign-currency exchange, so the exchange rate rises. b. creates a surplus in the market for foreign-currency exchange, so the exchange rate falls. c. creates a shortage in the market for foreign-currency exchange, so the exchange rate rises. d. creates a shortage in the market for foreign-currency exchange, so the exchange rate falls.