The individual who brings together economic resources and assumes the risk of business ventures in a capitalist economy is called the:
A. Manager
B. Entrepreneur
C. Stockbroker
D. Banker
Answer: B
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Suppose a consumer is spending all of his/her income on two goods, A and B, in a manner where MUa = 15 and MUb = 75, and the Pa = $3 and the Pb = $15, then the consumer:
a. is maximizing his/her utility. b. should increase his/her purchases of B and decrease the purchases of A. c. should spend more money on both goods. d. should spend less money on both goods. e. should increase the purchases of A and decrease the purchases of B.
The line that relates the price of a good and the quantity supplied of that good is called the supply
a. schedule, and it usually slopes upward. b. schedule, and it usually slopes downward. c. curve, and it usually slopes upward. d. curve, and it usually slopes downward.
If the real interest rate is 10.3% and the nominal interest rate is 12.6%, what is the inflation rate?
We would expect the cross-price elasticity of demand between Pepsi and Coke to be
A. negative, indicating substitute goods. B. positive, indicating substitute goods. C. positive, indicating secondary goods. D. positive, indicating general goods.