The ability to exercise control over one's own resources within the confines of the law refers to
A) the free market. B) one's property rights.
C) having an absolute advantage. D) entrepreneurship.
B
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When the minimum wage is raised, the ________ union labor ________
A) demand for; increases B) demand for; decreases C) supply of; increases D) supply of; decreases E) demand for; does not change
Which of the following will cause a movement along the supply curve for oil?
A) new technology to drill oil underwater in the Gulf of Mexico B) a change in the price of oil C) an increase in the number of oil-producing firms D) government subsidies to oil producers in Wyoming
The Japanese economy has been consistently weak throughout the 1990s. This has caused a slight deflation, illustrating the
a. negligible cost of eliminating inflation. b. very slow operation of the economy's self-correcting mechanism. c. tendency of inflation to accelerate during recessions. d. rapidity with which inflation can be stopped.
Money demand depends on
a. the price level and the interest rate. b. the price level but not the interest rate. c. the interest rate but not the price level. d. neither the price level nor the interest rate.