To be a successful entrepreneur requires willingness to
a. play it safe
b. borrow money
c. take risks
d. abandon your family
Ans: c. take risks
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Suppose a 4 percent increase in price results in a 2 percent increase in the quantity supplied of a good. Calculate the price elasticity of supply and characterize the product
A) 2; The product is elastic. B) 0.5; The product is inelastic. C) 0.2; The product is inelastic. D) 50%; The product is inelastic.
The most important determinant of price elasticity of supply is
A) the number of close substitutes there are for the good. B) the time period firms have to adjust to the new price. C) the price of the good. D) the importance of the good in the budgets of consumers.
If marginal profit is zero, then average profit is at a maximum
a. True b. False Indicate whether the statement is true or false
Those who accept both the rational expectations hypothesis and the assumption of flexibility of wages and price would likely argue that
A. if policy makers are willing to accept a high inflation rate, they can reduce unemployment to a point below the natural rate. B. policy makers can eliminate fluctuations in the level of business activity with careful planning of a widely publicized monetary policy. C. saving and investment do not contribute to economic growth. D. active policy making does not contribute to economic stability.