Wilma Needed Wine Glasses but All She Had Were Candlestick

question 113

Multiple Choice

Wilma needed wine glasses but all she had were candlestick holders and 8-ounce canning jars.Gluing the two together,she created what she called "mountain crystal" which became a big hit.The local crafters' association asked her to make enough for them to sell,and her business took off.This is an example of building a business from:

• A)work experience.
• B)hobbies.
• C)personal interest.
• D)accidental discovery.

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Definitions:

Tax Cuts

Reductions in the amount of taxes imposed by a government, often aimed at stimulating economic growth by increasing disposable income or encouraging investment.

Labor Supplied

The overall time period that workers consent to and can offer to work, in exchange for an established rate of pay.

Laffer Curve

A theoretical representation of the relationship between government revenue raised by taxation and all possible rates of taxation, suggesting that higher tax rates beyond a certain point actually decrease total revenue.

Elasticities

Measures of how much the quantity demanded or supplied of a good responds to changes in price, income, or other factors.