Figure 7-8
Of the graphs in Figure 7-8, which represents total cost?
A. 1
B. 2
C. 3
D. 4
Answer: A
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Innovation typically increases when
A) high taxes are present. B) the legal system is weak. C) government controls the resource base. D) market incentives and private property rights are encouraged.
Good management always seeks to add value
Indicate whether the statement is true or false
The real core of the economic problem is to: a. increase the amount of leisure time available to people
b. guarantee everyone on the planet a minimum level of food, shelter and clean water. c. allocate limited resources among competing uses. d. eliminate scarcity.
The severity of the crowding-out effect will be reduced if
A) the Fed increases the money supply at the same time the federal government increases government spending. . B) the Fed decreases the money supply at the same time the federal government increases government spending. C) the Fed does not change the money supply when the government increases government spending. D) business firms become pessimistic about the future.