Innovation is the act of putting an invention to practical use
a. True
b. False
Indicate whether the statement is true or false
True
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The "miracle" of the market, as addressed in your text, refers to the countless goods and services of great complexity made abundantly available
A) under conditions of massive ignorance. B) with a minimum number of errors and mistakes. C) with few losses and bankruptcies. D) with no systematic or scientific way of explaining how it happens.
One of the three functions of money is to serve as a:
A. real liability. B. financial asset. C. financial liability. D. real asset.
Which of the following is not a necessary characteristic of money?
A. Available in unlimited supply B. Divisible C. Durable D. Difficult to counterfeit
Suppose that the free market labor supply and labor demand equations are given by Qs = 5W and Qd = 30 ? 5W. If the minimum wage were set at $2.50 an hour, how many people would not be able to find work?
A. 0 B. 10 C. 20 D. 30