In a market economy, what must an entrepreneur do in order to be successful?
What will be an ideal response?
produce a good that can be sold for more than its production cost
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The group comprising the highest percentage of the poor is
A. the disabled. B. elderly. C. male heads of households. D. children.
The resource market is the same as the product market except that, in the resource market:
a. the demand curve slopes upward. b. the households are the sellers and the firms are the buyers. c. there is no substitution effect. d. the supply curve is perfectly inelastic. e. there is no income effect.
GDP that has been adjusted for changes in the price level is called: a. nominal GDP
b. real GDP. c. personal income. d. net GDP.
Over a given period of time, if imports are greater than exports, the result is
A. A trade surplus. B. A trade deficit. C. An embargo. D. A trade war.