Entrepreneurs are vitally important for economic progress because they
A) stick with the tried and true methods rather than experimenting with new ways of doing things.
B) innovate and discover new ways of bringing items of value to consumers willing to pay for them.
C) rely on price controls to determine the prices charged for the items they bring to market.
D) rely on government grants and subsidies for the funding of research and development.
B) innovate and discover new ways of bringing items of value to consumers willing to pay for them.
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Regulatory policy used to affect credit markets is known as ________
A) fiscal restraint B) monetary policy C) Bierstadt relaxation D) macroprudential regulation
Diminishing marginal utility means that as you consume more of a good, other things constant, the:
a. total satisfaction you obtain from consuming this good falls. b. total amount produced falls. c. marginal product falls. d. additional satisfaction you obtain from each additional unit of the good falls. e. total satisfaction you obtain from each extra good becomes constant.
In situations where businesses discriminate in response to the preferences of consumers, discrimination:
A. is consistent with efficient markets. B. will be eliminated by the market. C. will not persist even though it's what the customers want. D. is not consistent with efficient markets.
If the loanable funds market pays 8 percent and you want to earn $1,000 a year of interest income, how much in loanable funds must you supply to the market in order to accomplish this?
a. $8,000 b. $10,000 c. $14,000 d. $12,500 e. $18,000