Entrepreneurs, if successful, earn
a. rent
b. profit
c. wages
d. salary
e. interest
B
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In order for money to be an effective medium of exchange, it is important to have it serve as a unit of account
Indicate whether the statement is true or false
Which of the following would qualify as an aggregate demand shock?
A. A seasonally expected increase in oil prices B. An anticipated tax cut C. An unexpected reduction in consumer confidence D. An unexpected increase in oil prices
For a single country to influence the price of some good in the global market:
A. it must be considered a price taker. B. the country must be large relative to other nations in the world C. the quantity it produces and consumes must be small relative to the total amount of that good bought and sold worldwide. D. the quantity it produces and consumes must be large relative to the total amount of that good bought and sold worldwide.
When one country can produce a given amount of a good using fewer inputs than any other country,
A. Specialization will definitely increase worldwide production possibilities. B. It has an absolute advantage in producing the good. C. It always has a comparative advantage in producing the good. D. Specialization will definitely increase worldwide consumption possibilities.