Which of the following is an example of an activity undertaken by an entrepreneur?
A) washing and ironing your own shirts instead of taking them to the cleaners
B) holding a position as the president of a liberal arts college
C) running for the president of the United States
D) starting your own pet sitting business
Answer: D
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One reason why the "fast-casual" restaurant market is competitive is that
A) consumption takes place in public. B) demand for "fast -casual" food is very high. C) it is trendy and therefore is likely to have a customer following. D) barriers to entry are low.
If the economy is in a recession, the Fed could:
A. buy bonds through open market operations to increase spending in the economy. B. sell bonds through open market operations to increase spending in the economy. C. increase the discount rate so banks will increase their lending in the economy. D. increase the reserve requirement to increase confidence in the financial system.
In 2010, high-income families (the top 20 percent) in the United States earned approximately ____ percent of the total before-tax income
a. 34 b. 48 c. 62 d. 79
Suppose that the price of one gallon of milk was $0.25 in 1950, that the CPI in 1950 was 25, and that in 2000 the CPI was 200.What is the price of a 1950 gallon of milk in 2000 dollars?