Resources include
A. land, labor and money.
B. entrepreneurship and capital.
C. capital and money.
D. corporations and partnerships.
B. entrepreneurship and capital.
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"30 people camp on the sidewalk in 10 degree weather for Phish reunion concert tickets, sold only at the door." In the economic way of thinking, the people camping out are
A) competing against other Phish fans for concert tickets. B) taking what they believe is an efficient strategy for acquiring a scarce good. C) planning to cooperate with the sellers of the concert tickets. D) doing all the above.
Over time, nations tend to converge to
A) the same balanced growth path and same income per capita. B) the same balanced growth path but varying income per capita. C) different balanced growth paths but the same income per capita. D) different balanced growth paths because of varying income per capita.
In a self-regulating economy, inflationary and recessionary gaps
A) never occur. B) are eliminated by forces internal to the economy, without government intervention. C) are eliminated by timely actions of government policymakers. D) are the desirable results of microeconomic price adjustments.
Refer to the information provided in Figure 17.2 below to answer the question(s) that follow. 
Figure 17.2 Refer to Figure 17.2. We would say that Sam is risk neutral based on his
A. present income. B. income potential. C. past income. D. utility from income.