The textbook classifies technology as _______ and entrepreneurs as _______ .
A) knowledge; persons who seek profit by finding new ways to organize factors of production
B) capital; labor
C) labor skills; capital
D) a factor of production; a factor of production
Ans: A) knowledge; persons who seek profit by finding new ways to organize factors of production
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When a market is in equilibrium,
a. producers earn profits b. the minimum possible price is achieved c. there is no incentive for consumers or producers to change their current behavior d. excess demand is less than excess supply e. the maximum possible price is achieved
As there is a movement upward and leftward along the AD curve,
a. aggregate expenditure decreases b. the price level remains constant c. equilibrium GDP increases d. aggregate expenditure increases e. the interest rate falls