Economic status tends to be passed on from one generation to the next _____
a. regardless of the monetary wealth that is transmitted from parents to children
b. because of the monetary wealth that is transmitted from parents to children
c. in nearly all societies
d. a and c
d
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A critical element of entrepreneurship (as opposed to managerial skills) is
A) leadership skills. B) risk taking. C) technology. D) political skills.
The statement that a monopoly raises the price of its product is an example of positive economics
Indicate whether the statement is true or false
Efficiency is attained when
a. total surplus is maximized. b. producer surplus is maximized. c. all resources are being used. d. consumer surplus is maximized and producer surplus is minimized.
Commodity money includes such things as paper currency and travelers checks that have no commodity value in and of themselves, but which can be used to purchase commodities
Indicate whether the statement is true or false