Which of the following is an example of an activity undertaken by an entrepreneur?
A) choosing the color scheme for your renovated kitchen
B) being promoted to the position of Chief of Police
C) being appointed to the U.S. Supreme Court
D) starting a snow cone business
Answer: D
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Refer to Figure 3-2. An increase in the number of firms in the market would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
Individuals' expectations of lower future prices is a
A) rightward shifter of the AD curve. B) leftward shifter of the AD curve. C) reason for moving up along a given AD curve. D) reason for moving down along a given AD curve.
Economic expansions in Germany and Japan would cause
A. the U.S. price level and real GDP to rise. B. the U.S. price level and real GDP to fall. C. the U.S. price level to rise and real GDP to fall. D. the U.S. price level to fall and real GDP to rise.
According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.