An entrepreneur is a person who does all of the following except
A. always makes a profit.
B. organizes and manages a firm.
C. assumes the risk of a firm.
D. turns a new idea or product into a business.
Answer: A
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Business cycles in the United States after World War II have been
a. more severe than before the war. b. less severe than before the war. c. the same as the pre-war cycles. d. easier to predict than the pre-war cycles.
Suppose the market demand for good X is given by QXd = 20 - 2PX. If the equilibrium price of X is $5 per unit then consumers' expenditure on X is
A. $50. B. $25. C. $5. D. cannot be determined from the information contained in the question.
In the 1970s, the government placed price ceilings on gasoline prices. A shortage of gasoline occurred, and long lines formed at the pumps. Some gas stations required that in addition to paying the price on the pump you had to buy a blank will. The
action of having to purchase the will in order to purchase gas is known as A) a surplus. B) a price support. C) the price system. D) a black market.
Rent controls primarily benefit
A. people who already occupy rental units. B. builders. C. property owners. D. people looking for rental units.