The creative ability of persons to combine and direct resources to produce new products is known as:
a. economizing. b. entrepreneurship.
c. value judgment. d. product sensitivity.
b
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What would be the best description of what we assume about money prices in the short run?
A) Money prices of goods and services vary. B) Money prices of goods and services not related to each other. C) Money prices of goods are fixed. D) Money prices of services are fixed. E) Money prices of goods and services are only temporarily fixed.
Suppose fairness is defined as those who receive the greatest benefits from government should pay the most in taxes, then which of the following taxation systems would be consistent with this notion of fairness?
a. User fees for national parks. b. Gasoline taxes to fund highway maintenance. c. A tax on the poor to finance food stamps and other low-income assistance programs. d. All of the above are consistent.
According to loan able funds framework, if business decides to eliminate or postpone expansion plans reducing their need to borrow?
A. There will be excess demand in the loan able fund market B Interest rates will increase (WA) C. Interest rates will decrease D. Interest rates will not change E. Interest rates either can rise or fall
The wage rate will fall and firms will increase employment to the point where MRP equals the new wage rate if
A. the demand for labor decreases. B. the demand for labor increases. C. the supply of labor increases. D. the supply of labor decreases.