Economic expansion occurs when an economy is growing and people are spending more money.

() TRUE

() FALSE

The standard of living rises because people have less money to spend.

() TRUE

() FALSE

Entrepreneurs risk their wealth, time, and effort to develop for profit an innovative product or way of doing something.

() TRUE

() FALSE

TRUE

Free-marketing capitalism and laissez-faire capitalism are essentially the same thing.

() TRUE

() FALSE

TRUE

Products have tangible attributes only   

() TRUE

() FALSE

FALSE