Entrepreneurs are people who:
A. entertain the workers.
B. engage exclusively in business travel.
C. create new economic enterprises.
D. run businesses on a day-to-day basis.
Answer: C
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When the central bank is focusing on internal balance, their main target in the economy is
A) a desired level of real GDP. B) a balance of payments equilibrium. C) a certain level of real money balances. D) reducing government debt.
One of the following is a regression example for which Entity and Time Fixed Effects could be used: a study of the effect of
A) minimum wages on teenage employment using annual data from the 48 contiguous states in 2006 . B) various performance statistics on the (log of) salaries of baseball pitchers in the American League and the National League in 2005 and 2006. C) inflation and inflationary expectations on unemployment rates in the United States, using quarterly data from 1960-2006. D) drinking alcohol on the GPA of 150 students at your university, controlling for incoming SAT scores.
Demand for farm products, in general, is said to be relatively price inelastic. Therefore, U.S. farm policy, which is designed to keep farm prices above equilibrium, should
a. decrease farm incomes b. increase farm incomes c. not affect farm incomes d. reduce the number of farmers e. lower food prices for consumers
Assume a society can produce either olives or grapes. If the marginal rate of transformation of bushels of olives into bushels of grapes is 0.2, then the opportunity cost of grapes is
A. the additional 0.2 gallons of olives that can be produced. B. the 0.2 bushels of olives that must be forgone. C. the 5 bushels of olives that must be forgone. D. the 5 bushels of grapes that must be forgone.