In order to prosper, entrepreneurs in a market economy must
What will be an ideal response?
undertake projects that create wealth and increase the value of resources.
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Refer to the scenario above. The nominal GDP of the country for Year 2 was ________
A) $180,000 B) $174,000 C) $1,920,000 D) $2,510,000
The commodity substitution bias is that
A) consumers substitute high-quality goods for low-quality goods. B) government spending is a good substitute for investment expenditures. C) national saving and foreign borrowing are interchangeable. D) consumers decrease the quantity they buy of goods whose relative prices rise and increase the quantity of goods whose relative price falls.
Firms in an oligopoly
A) act independently. B) engage in strategic behavior. C) have perfect knowledge of the behavior of others. D) openly collude.
An increase in autonomous consumption has the same equilibrium effect as a(n)
a. decrease in investment. b. increase in investment. c. decrease in net exports. d. increase in taxes.