Entrepreneurs
A. receive most of their income through inheritance.
B. receive interest payments for their services.
C. take risks in order to earn profits.
D. are unemployed except during economic boom periods.
C. take risks in order to earn profits.
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The productivity curve is a relationship between
A) real GDP per hour of labor and capital per hour of labor, with technology held constant. B) capital per hour of labor and technological growth. C) nominal GDP per hour of labor and capital per hour of labor, with technology held constant. D) real GDP per unit of capital and capital per hour of labor, with technology held constant. E) real GDP per hour of labor and capital per hour of labor whenever technological growth occurs.
Is it more efficient for a group of musicians to perform a show "unplugged" (with acoustic instruments) or with state-of-the-art electric instruments?
A) Unplugged is more efficient because the instruments are considerably less expensive to operate. B) It depends on what the musicians are trying to accomplish. C) The use of electric instruments is more efficient because acoustic instruments have become more expensive in recent years. D) It depends exclusively on the relative ratios of energy output to energy input in each instrument class.
An increase in product price will cause:
A. quantity demanded to decrease. B. quantity supplied to decrease. C. quantity demanded to increase. D. the supply curve to shift to the left.
Distinguish between macroeconomics and microeconomics
What will be an ideal response?