Entrepreneurship is characterized by
a. the ability to visualize and undertake economically beneficial projects.
b. originality and innovation.
c. leadership and discovery.
d. all of the above.
D
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Households ________ factors of production and ________ goods and services
A) demand; supply B) demand; demand C) supply; supply D) supply; demand
The aggregate demand curve
a. represents the relationship between prices and quantities of all goods produced in an economy b. is derived from equilibrium conditions in the labor and money markets c. gives the equilibrium level of real GDP corresponding to a given price level d. is the sum of an economy's individual demand curves e. plots the interest rate as a function of output
Fixed cost will decrease with increases in output
Indicate whether the statement is true or false
Over the last ten years productivity grew more slowly in Iberia than in Aire while the population and total hours worked remained the same in both countries. It follows that
a. real GDP per person must be lower in Iberia than in Aire. b. real GDP per person grew more slowly in Iberia than in Aire. c. the standard of living must be higher in Iberia than in Aire. d. All of the above are correct.