Entrepreneurship is the act of starting new firms and taking the risks that are necessary in business opportunities
a. True
b. False
Indicate whether the statement is true or false
True
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Indexing is the process of:
A. increasing a real quantity by an amount equal to the percentage change in a price index. B. dividing a real quantity by a price index. C. dividing a nominal quantity by a price index. D. increasing a nominal quantity by an amount equal to the percentage change in a price index.
Which statement is false?
A. Differences in wage rates are partially explained by differences in productivity. B. In general, when output per labor-hour increases, real wages rise by a larger percentage. C. The demand for labor in a particular market is the sum of all the firms' MRP curves. D. If you are earning $20,000 a year today and you were to earn $40,000 a year 10 years from now, your money wages have increased.
Refer to the above diagram illustrating a market for pollution rights in which government has fixed the supply of rights at 1,000 tons. If the demand for pollution rights were to increase as a result of economic growth, the:
A. volume of pollutants discharged would increase. B. supply curve would shift to the right. C. price of pollution rights would increase. D. demand curve would shift to the left.
The demand curve shows the relationship between:
A. Money income and quantity demanded B. Price and production costs C. Price and quantity demanded D. Consumer tastes and the quantity demanded