A contestable market is one where there are few if any barriers to entry.
Answer the following statement true (T) or false (F)
True
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If the opportunity cost of entrepreneurship increases:
A) the aggregate demand in the economy increases. B) the number of entrepreneurs in the economy will increase. C) the price level in the economy falls. D) the aggregate output of the economy will decrease.
Which of the following statements best describes why we cannot be assured that bureaucrats who believe in the mission of their bureaus will always act in the public interest?
a. Logrolling among members of Congress ties the hands of the bureaucracy, preventing them from acting in the public interest. b. Bureaucrats do not personally benefit from larger budgets, but if they care about the mission of the bureau they will personally gain from acting in the public interest. c. Free riding on the work of other within the bureau will make acting in the public interest impossible. d. Self-interest is a powerful motivator, regardless of whether an individual operates in the public or private sector.
According to the classical model, total employment will increase when
a. the birth rate increases b. the government creates more jobs c. the labor force increases d. individuals receive more education e. there is a recession
Wide acceptance of money without intrinsic value comes largely from the fact that it:
A. is convenient to use. B. can be used domestically and internationally. C. has a stable value. D. is hard to counterfeit.