If P equals the price level expressed as an index number and $V equals the value of the dollar, then:
A. P = $V - 1.
B. $V = 1/P.
C. 1 = $V/P.
D. $V = P - 1.
B. $V = 1/P.
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Economics is best defined as
A) how people make money and profits in the stock market. B) making choices from an unlimited supply of goods and services. C) making choices with unlimited wants but facing a scarcity of resources. D) controlling a budget for a household.
An entrepreneur is a(n)
a. individual who has much education b. organizer who seeks profitable opportunities and is willing to accept risks c. business organization that uses inputs to produce output d. administrator who runs an enterprise without accepting any risk of financial loss e. depot or storehouse for commercial products
Which of the following is most likely to be a partnership?
a. Uncle Mort's Red Wrigglers b. the accounting firm of Hope and Williams c. General Motors d. the Boston Symphony Orchestra e. the U.S. Post Office
When current economic conditions are bad, people are ____________ inclined to save, and when they predict bad future economic conditions they are ____________ inclined to save now.
A. less; more B. less; less C. more; more D. more; less