Coins and dollar bills are money in the form of
a. barter
b. currency
c. value
d. capital
e. specie
B
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Frank Knight's theory of profit focuses on ______ and Joseph Schumpeter's theory of profit focuses on _______.
A. risk bearing; innovation B. innovation; risk bearing C. risk bearing; risk bearing D. innovation; innovation
Based on this graph, in most years there is a ______.
a. budget surplus
b. budget deficit
c. balanced budget
d. recessionary budget
What is the most likely result when the price of a good with elastic demand is raised by 10 percent?
(A) The quantity sold will decrease by 15 percent. (B) The quantity sold will increase by 10 percent. (C) The quantity sold will decrease by 10 percent. (D) The quantity sold will decrease by 5 percent.
If the marginal benefit of the next slice of pizza exceeds the marginal cost, you will
A) eat the slice of pizza. B) not eat the slice of pizza. C) be unable to choose between eating or not eating. D) eat half the slice. E) More information is needed about how much the marginal benefit exceeds the marginal cost to determine if you will or will not eat the slice.