What motivates the actions of entrepreneurs in markets?
A) profits.
B) cost savings.
C) revenue.
D) prestige.
A
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If a curve rises and then falls, it has a
A) slope that is negative and then positive. B) minimum. C) linear relationshi
The cross elasticity of demand
A) means that an increase in the demand for one good leads to a decrease in demand for another good. B) measures how a change in the price of one good impacts the demand for another good. C) measures how a change in supply impacts the demand for the good. D) means that an increase in the price of one good leads to an increase in the price of another good. E) measures how a change in income impacts the demand for the good.
Which of the following is likely to increase measured GDP?
A) Tax rates increase and more people attempt to underreport their income for tax purposes. B) More people decide to do their own lawn maintenance and give up using a professional service. C) Marijuana becomes legal to grow and sell. D) A greater number of women decide to stay at home and provide day care for their children under age 5.
The exchange rate
a. is the ratio of two countries' GDPs. b. is the rate at which one country's money is flowing into another country. c. states the price of one currency in terms of another currency. d. is closely related to the concept of absolute advantage.