________ start new economic enterprises, while ________ run the enterprises on a day-to-day basis.
A. Entrepreneurs; laborers
B. Mangers; entrepreneurs
C. Entrepreneurs; managers
D. Mangers; laborers
Answer: C
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The figure above shows the market for umbrellas in Sunville. When the market for umbrellas in Sunville is in equilibrium, what is the total surplus?
A) $0 B) $12,000 C) $24,000 D) $16,000
The "invisible hand" described by Adam Smith refers to the
a. allocative role of markets and market forces b. importance of government intervention and central planning c. actions of successful entrepreneurs in directing the economy d. role of monopolized industries in leading the nation e. value of religious belief in creating an ideal economy
The expectation of a higher inflation rate will cause: a. the short-run Phillips curve to become vertical. b. the short-run Phillips curve to shift leftward
c. a movement up along a short-run Phillips curve. d. the short-run Phillips curve to shift rightward.
The United States has no comparative advantage in shipping, so a domestic shipping industry has no reason to exist
a. True b. False Indicate whether the statement is true or false