The Articles of Confederation established what form of government?
A. Republic
b. Monarchy
C. Oligarchy
D. Participatory democracy
Answer: A. Republic
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An entrepreneur
a. always makes a profit b. generally avoids risky situations c. claims the residual (i.e., whatever is left over) after other resource suppliers are compensated d. is a parasite that benefits by not paying other resources for their services e. is the manager who runs an enterprise and keeps the customers happy
According to traditional Keynesians, monetary policy as a tool to fight a recession
A. is very effective because interest rates will fall immediately. B. is ineffective because interest rates will not fall. C. has an uncertain effect on the economy, depending on the direction of fiscal policy. D. cannot be determined because traditional Keynesians do not consider monetary policy at all.
If the GDP deflator rises from 185 to 190, what is the rate of inflation between the two years?
A) 270% B) 50% C) 5% D) 2.7%
If ________, a firm would operate in the short run and exit the industry in the long run.
A. TR > TVC but TR < TC B. TR < TC and TR < TVC C. TR = TVC but TR > TC D. TR > TVC and TR > TC