Question 1

The fact that a rock star earns $5 million a year while a teacher earns $45,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions.

Accepted Answer

A)   "when"
B)   "for whom"
C)   "how"
D)   "why"E) A) and B)
F) C) and D)

Question 2

Explain what entrepreneurship is and why it is considered a factor of production.

Accepted Answer

Entrepreneurship is the resource (the pe...

Question 3

Which of the following is a macroeconomic issue?

Accepted Answer

A)   the purchasing decisions that an individual consumer makes
B)   the effect of increasing the money supply on inflation
C)   the hiring decisions that a business makes
D)   the effect of an increase in the tax on cigarettes on cigarette salesE) None of the above
F) All of the above

Exam 1: What Is Economics

The fact that a rock star earns $5 million a year while a teacher earns $45,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions.

Correct Answer
verified

Explain what entrepreneurship is and why it is considered a factor of production.

Correct Answer
verified
Entrepreneurship is the resource (the pe...
View Answer

Which of the following is a macroeconomic issue?

Correct Answer
verified

Exam 1: What Is Economics

The fact that a rock star earns $5 million a year while a teacher earns $45,000 annually is most directly an example of an economy answering the ________ part of one of the two big economic questions.

Correct AnswerverifiedShow Answer

Explain what entrepreneurship is and why it is considered a factor of production.

Correct AnswerverifiedEntrepreneurship is the resource (the pe...View AnswerShow Answer

Which of the following is a macroeconomic issue?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
Entrepreneurship is the resource (the pe...
View Answer

Correct Answer
verified