The ability to exercise control over one's own resources within the confines of the law refers to
A) the free market.
B) one's property rights.
C) entrepreneurship.
D) having an absolute advantage.
Answer: B
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The principle of opportunity cost
A) is applicable to all decision-making. B) only refers to monetary payments. C) is more relevant for firms than for individuals. D) is only relevant in economics.
The long-run industry supply curve in perfect competition is derived from the
a. short-run industry supply curve which shifts as new firms enter the industry. b. short-run industry supply curve which shifts as old firms exit the industry. c. freedom of firms from sunk costs so that new cost curves become long-run curves. d. All of the above reasons.
A budget surplus is defined as the amount that the
a. government owes to lenders at any moment in time. b. government spends in any time period. c. government's expenditures exceed receipts in any time period. d. government's receipts exceed expenditures in any time period.
Which of the following tends to cause business investment in plant and equipment to decline?
an increase in corporate profits higher real interest rates lower real interest rates optimistic expectations