Entrepreneurship functions better when
A. most of the population has low levels of education.
B. the government performs the entrepreneurial function.
C. saving is relatively low.
D. there is a well-defined property rights system.
Answer: D
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There are three balance of payments accounts. The sum of the balances on these three accounts will equal
A) the total amount of the nation's foreign borrowing. B) the total amount of the nation's foreign lending. C) zero. D) the total amount of the nation's exports. E) the total amount of the nation's imports.
Suppose a drought resulted in a major reduction in the California lettuce crop. In the market for lettuce
A) the supply curve shifted to the left resulting in a decrease in the equilibrium price. B) the demand curve shifted to the right resulting in an increase in the equilibrium price. C) the demand curve shifted to the left resulting in a decrease in the equilibrium price. D) the supply curve shifted to the left resulting in an increase in the equilibrium price.
How will a decrease in price affect a firm's revenues?
A) It depends on the price elasticity of demand. B) Revenues will stay the same. C) Revenues will decrease. D) Revenues will increase.
Empirical evidence suggests that more digital cameras are being sold today than one year ago, and the selling price has decreased. The probable reason for this could have been an increase in supply
a. True b. False Indicate whether the statement is true or false