Entrepreneurship is
A. restricted to perfect competition.
B. occurs only in well-functioning markets.
C. the process of planting new crops.
D. the process of taking business risks.
Answer: D
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If the economy is producing at point D, the opportunity cost of shifting resources from consumer goods to gain 6 capital goods is _______ consumer goods.
When a government defaults on its obligations, the event is called a
A) sovereign default. B) magisterial default. C) private default. D) sudden stop default. E) national default.
Which is likely to be larger, the velocity of M1 or M2?
a. M1, because M2 is a larger number. b. M2, because M1 is a larger number. c. The velocities of both are approximately equal. d. The numbers of velocity switch in relative size.
Which of the following transactions would be recorded as a credit in the U.S. current account?
A. a Japanese bank's purchase of IBM stock B. a Japanese consumer's purchase of an Apple computer C. an American tourist's payment to a Japanese hotel D. an American consumer's purchase of a Toshiba VCR