The income earned by entrepreneurs is
A) profit or loss.
B) wages.
C) interest.
D) rent, wages, and interest.
E) a mixture of rent, wages, interest, and profit.
Question 2
When there is a recession (a fall in output) and prices are increasing, and this situation is caused by adverse supply shocks, the term economists use to describe it is
A) stagflation. B) inflation. C) aggregate shifts. D) stagnation.