An example of an entrepreneur would be
A. the owner of a Mexican restaurant.
B. the cashier at your local supermarket.
C. the cafeteria employee who won the employee of the month award.
D. a local bus driver.
Answer: A
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The following table provides data for an economy in a certain year. Consumption expenditures1,000Imports600Government purchases of goods and services700Construction of new homes and apartments500Sales of existing homes and apartments600Exports500Government payments to retirees200Household purchases of durable goods300Begining-of-year inventory500End-of-year inventory600Business fixed investment300Given the data in the table, compute the value of GDP.
A. 2,700 B. 2,400 C. 2,500 D. 2,600
The opportunity cost of a good increases as more of it is produced because
A) producing more of a good requires additional resources. B) the number of forgone alternatives also increases. C) resources are not equally productive in all activities. D) people want the good less as more is produced. E) there is no such thing as a free lunch.
Cost-benefit analysis of international trade
A) is basically useless. B) is empirically intractable. C) focuses attention primarily on conflicts of interest within countries. D) focuses attention on conflicts of interest between countries. E) never leads to government intervention in international trade.
The above figure shows the market for rice in Japan. S2 represents the domestic supply curve, and S1 represents the world supply curve. If imported rice is banned, the loss in social welfare is
A) a + b + c + d + e. B) a. C) c + e. D) i.