By freedom of enterprise, we mean that individual:
A. Workers are free to look for jobs and work in whichever firm will hire them
B. Firms are free to employ resources, to produce their output, and to sell their products
C. Producers are free to produce whatever the government decides are needed by the society
D. Consumers are free to buy whatever products will satisfy their needs the most
Answer: B
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The table above gives the demand for loanable funds and private supply of loanable funds schedules
a. What is the equilibrium real interest rate and quantity of loanable funds? b. Suppose that the government has a budget surplus of $2.5 billion. If there is no Ricardo-Barro effect, what is the equilibrium real interest rate and quantity of loanable funds?
A supply curve that is parallel to the price axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.
Which of the following is true?
a. In low-income countries, less than 5 percent of those 15 and older were illiterate in 2007 b. In middle-income countries, 17 percent of those 15 and older were illiterate in 2007 c. In high-income countries, 38 percent of those 15 and older were illiterate in 2007 d. Education bears little relationship to economic development in high income countries e. Education is more important to the economic development of low income countries than it is to high income countries
In a perfectly competitive market buyers want to buy 20,000 units and sellers want to sell 20,000 units of a product when the price is $50 per unit. ABC Corporation, one seller in this market,
A. will sell a fixed number of units regardless of how the price changes. B. faces a downward-sloping demand curve for its product. C. will maximize profit by selling at a price less than $50. D. faces a perfectly elastic demand curve at a price of $50.