The work of a firm's manager is
a. entrepreneurship
b. human capital
c. labor
d. more difficult and deserving of a higher reward than the work of labor
e. essentially to assume risk and uncertainty
C
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According to the Texas Transportation Institute, the typical U.S. commuter wastes approximately how much time per year due to traffic congestion?
A) 14 hours B) 22 hours C) 47 hours D) 96 hours
When a person's income rises and the tax rate is constant, the tax is a
a. regressive tax b. poll tax c. progressive tax d. head tax e. proportional tax
Compared with a 100% reserve system, fractional reserve banking
a) makes the economy more stable b) creates a greater risk of bank insolvency c) gives banks less control over the money supply d) makes the money multiplier smaller e) means that each dollar of currency is backed by a smaller amount of gold
The strategy underlying price discrimination is to:
A. charge higher prices to customers who have better access to substitutes. B. charge everyone the same price but limit the quantity they are allowed to buy. C. increase total revenue by charging higher prices to those with the most inelastic demand for the product and lower prices to those with the most elastic demand. D. reduce per-unit costs by charging higher prices to those with the most elastic demand and lower prices to those with the most inelastic demand.