The two important contributions of entrepreneurs are
a. innovation and independent wealth
b. good management skills and honesty
c. risk taking and honesty
d. good management skills and independent wealth
e. innovation and risk taking
E
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Which of the following statements is false?
A. Asymmetric information can exist both before and after a transaction. B. Moral hazard occurs when one party to a transaction changes his or her behavior in a way that is hidden from and costly to the other party. C. Adverse selection has the potential to eliminate some markets. D. none of the above
An increase in the real interest rate outside of the United States will cause the dollar to ________ relative to other currencies and ________ net exports and real GDP
A) appreciate; increase B) appreciate; reduce C) depreciate; increase D) depreciate; reduce
When the government imposes a price ceiling on a good whose price is too high,
a. surpluses are created. b. supply will increase to meet the demand. c. rationing is not necessary. d. quantity demanded of the good will fall. e. chronic excess demand occurs.
Isabella is on a temporary layoff from her factory job. If Isabella participates in the BLS survey, she will be classified as
a. unemployed and in the labor force. b. unemployed and out of the labor force. c. employed and in the labor force. d. employed and out of the labor force.