The phrase that was coined by John Maynard Keynes to describe the feelings of investors was the ________ of entrepreneurs.
A. animal spirits
B. karma
C. optimism
D. pessimism
Answer: A
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The long-run average cost curve may initially slope downward due to
A) decreasing average fixed costs. B) increasing marginal returns. C) economies of scale. D) All of the above.
How short is the short-run production period?
The notion of opportunity cost can be represented graphically by the
a. area inside the production possibilities frontier. b. slope of the production possibilities frontier. c. vertical distance from the horizontal axis to the production possibilities frontier. d. horizontal distance from the vertical axis to the production possibilities frontier. e. sum of the horizontal and vertical distances to the production possibilities frontier.
Suppose that David buys the same number of energy drinks every weekend no matter what happens to the price of the energy drinks. What does this suggest about David's demand for energy drinks?
A. It is elastic. B. It is perfectly inelastic. C. It is unit elastic. D. It is not something that can be characterized without knowing the prices of the energy drinks.