Which of the following is the best example of an activity that would be undertaken by an entrepreneur?
a. Buying and selling of stocks and bonds. b. Starting a new business.
c. Working on an assembly line. d. Running for political office.
b
Economics
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Carefully define the following terms and explain their importance to the study of economics
a. specialization b. absolute advantage c. comparative advantage d. quota e. trade adjustment assistance
Economics
Suppose the prices of a pair of jeans, a shirt, and a tie are $30, $20, and $10 respectively. Which of the following statements is true in this context?
A) The opportunity cost of buying a pair of jeans is 2 ties. B) The opportunity cost of buying a tie is 3 pairs of jeans. C) The opportunity cost of buying a tie is 2 shirts. D) The opportunity cost of buying a shirt is 2 ties.
Economics