Part of the entrepreneurial process in a competitive market economy involves
a. obtaining governmental control over the market so that a new product has some chance of being successful.
b. knowing from the start the proper output and price to set for each new product.
c. choosing the best structure, size, and scope of production for the firm to produce a new product.
d. knowing in advance with certainty what products consumers will want to buy.
C
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The aggregate supply curve slopes upward because firms
A. seek to maximize profits and output. B. normally can purchase inputs at fixed prices. C. employ technology, which is always fixed. D. purchase inputs whose prices rise as output rises.
What does LIBOR stand for?
A) London Interbank Offer Rate B) Least Integral Borrowing Order Rate C) Local Interest Bank Ongoing Rate D) Liberalized Interoffer Borrowing Rate
Because the marginal tax rate rises as income rises,
a. higher income families, in general, pay a larger percentage of their income in taxes. b. lower income families, in general, pay a larger percentage of their income in taxes. c. a disproportionately large share of the tax burden falls upon the poor. d. higher income families pay the same percentage of their income in taxes as lower-income families.
Taxes, transfer payments, and government purchases are the components of automatic stabilizers.
Answer the following statement true (T) or false (F)