Entrepreneurs
a. will prosper if they undertake projects that increase the value of the resources.
b. are people who extend loans to other business decision makers.
c. are managers who generally work for a salary because they are unwilling to take risks.
d. will propser if they charge prices higher than their rivals.
a. will prosper if they undertake projects that increase the value of the resources.
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The PPF determines
A) all possible outcomes for a given wage. B) the set of feasible outcomes. C) given leisure, how much consumption a household wants. D) the share of consumption in output.
In the simple circular flow model: a. firms are suppliers of resources and demanders of products
b. households are suppliers of products and demanders of resources. c. households are demanders of products and suppliers of resources. d. firms are the suppliers of both resources and products.
In the graph showing aggregate demand and aggregate supply after a positive supply shock, we can see a positive supply shock would cause ______.
a. an increase in price levels and a decrease in RGDP
b. a decrease in price levels and an increase in RGDP
c. an increase in both price levels and RGDP
d. a decrease in both price levels and RGDP
The Congressional Budget Office estimates that ________ of the increase in federal spending on Medicare and Medicaid over the next 75 years will be due to increases in the cost of providing health care
A) very little B) less than half C) most D) all