According to economist Schumpeter, the first step in entrepreneurial growth is:
a. little competition
b. monopoly power
c. zero economic profits
d. creative destruction
d
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Refer to the figure below. If P = $6, then the price elasticity of supply is: 
A. one B. positive, but less than one C. greater than one D. less than zero
John Amaker owns orange groves and hires pickers for a two-week period as shown in Table 7-3.Table 7-3 Pickers Oranges Picked 1 1,000 2 2,000 3 3,000 4 3,900 5 4,700 6 5,400 7 6,000 8 6,200 9 6,000 In Table 7-3, negative returns set in with picker
A. 6. B. 7. C. 8. D. 9. E. There are no negative returns in this table.
Assume the economy is in equilibrium where real GDP equals potential GDP, and the economy experiences a negative demand shock
Describe what happens in the IS-MP model, and explain what policy the Fed could use to keep the inflation rate from changing?
The discount rate is
a. set in the money market. b. set by each member bank. c. set by the Federal Reserve Bank. d. the same as the federal funds rate.