Entrepreneurs engage in
A) arbitrage.
B) innovation.
C) imitation of other successful entrepreneurs.
D) all of the above.
D
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At a carnival roulette wheel, a player can either win $10, $30, or $80 . If it costs $20 to play, should the player expect the game to be fair?
a. Yes, because it costs to play b. No, because on average the individual would be earning money on the wheel c. No, because all the carnival attractions are unfair d. Need more information
The ease with which an asset can be converted into the medium of exchange is called
a. liquidity. b. velocity. c. the equation of exchange. d. the money multiplier.
In the 48-year period of 1960 to 2008 , the approximate shares of U.S. GDP are
a. consumption 15 percent; investment 65 percent; government 20 percent; net exports zero b. consumption 20 percent; investment 65 percent; government zero; net exports 15 percent c. consumption 65 percent; investment 15 percent; government 20 percent; net exports zero d. consumption 65 percent; investment zero; government 20 percent; net exports 15 percent e. consumption 15 percent; investment 20 percent; government 65 percent; net exports zero
The last American niobium mine closed in 1959, and all U.S. niobium is now imported from other countries. This is
A. good for the United States because it is always better to import raw materials from other countries and export finished goods. B. bad for the United States because the niobium miners were put out of work. C. good for the United States because the resources used to mine niobium are freed to do something for which the United States has a comparative advantage. D. bad for the United States because the United States must give money to other countries in order to obtain niobium.