Entrepreneurs are people who:
A. create new economic enterprises.
B. run businesses on a day-to-day basis.
C. engage exclusively in business travel.
D. entertain the workers.
Answer: A
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Which one of the following was a basic economic conflict between the North and the South in the years preceding the Civil War?
A. The North opposed the high protective tariffs the South supported to protect its manufactured goods. B. The South opposed the high protective tariffs the North supported to protect its manufactured goods. C. The North demanded the abolition of slavery. D. The North opposed the building of a transcontinental railroad.
The domestic demand curve, domestic supply curve, and world supply curves for a good are given in the above figure. All the curves are linear. Initially, the country allows imports. Then imports are banned
Calculate how consumer and producer surplus change because of the ban. Is the country better off with the ban on imports? Why?
When a tax is imposed and some of the lost surplus becomes tax revenues, the group that benefits is:
A. consumers. B. producers. C. recipients of government services. D. Only the government benefits from that lost surplus.
To make accurate economic forecasts, economists must know not only which way the economy is heading but also ______.
a. accurate statistics for the last five years b. which economic theory the president favors c. how rapidly the economy is changing d. the history of past economic policies