Adam Smith wrote in his book "The Wealth of Nations" that competition ________ the entrepreneur.
A. distracts
B. shapes
C. regulates
D. motivates
Answer: C
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Suppose an economy's money supply is fixed at $4,000 and its nominal GDP is $800,000. Calculate the velocity of money
What will be an ideal response?
In the long run, a firm can change
A) nothing. B) only one input, such as plant size. C) all inputs. D) None of the above are correct.
In California, the price elasticity for vanity license plates is .5 and their price is $78. California is:
A. maximizing revenue since elasticity is less than 1 and revenue will decrease after a price increase when demand is inelastic. B. maximizing revenue since elasticity is less than 1 and revenue will increase after a price increase when demand is inelastic. C. not maximizing revenue since elasticity is less than 1 and revenue will decrease after a price increase when demand is inelastic. D. not maximizing revenue since elasticity is less than 1 and revenue will increase after a price increase when demand is inelastic.
Individuals who would like a full-time job but are working only part-time are known as
a. partially unemployed. b. involuntary part-time workers. c. freelancers. d. flexible workers. e. temporary labor force.