The "entrepreneur" is someone who generally
What will be an ideal response?
seeks economic profit by undertaking uncertain activities.
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The misperceptions theory of short-run aggregate supply curve says that quantity of output will decrease if the price level
a. decreases by more than expected so that firms believe the relative price of their output has decreased. b. decreases by more than expected so that firms believe the relative price of their output has increased. c. decreases by less than expected so that firms believe the relative price of their output has decreased. d. decreases by less than expected so that firms believe the relative price of their output has increased.
Simple Fluff Pillows just learned it will be assessed a new state tax of two dollars for each pillow it produces. It will produce one million pillows this year. What will be the state tax revenue collected this year from Simple Fluff Pillows?
a. one million dollars b. two million dollars c. two dollars d. half a million dollars
Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
The quantity measure in the aggregate demand relationship is the:
A. total quantity of goods and services demanded in the economy. B. total quantity of goods and services supplied in the economy. C. market value of the total quantity of goods and services demanded in the economy. D. market value of the total quantity of goods and services supplied in the economy.