Human resources that perform the functions of organizing, managing, and assembling the other factors of production are called
A) physical capital.
B) venture capital.
C) entrepreneurship.
D) productive capital.
C) entrepreneurship.
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Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 16 thousand spoons B) 26 thousand forks C) 20 thousand forks D) 0 spoons
A monopoly firm engaged in international trade will
A) equate marginal costs with marginal revenues in both domestic and foreign markets. B) equate average to local costs. C) equate marginal costs with foreign marginal revenues. D) equate marginal costs with the highest price the market will bear. E) equate marginal costs with the relative world prices.
The law of large numbers allows insurance companies to
A) hold capital market instruments as assets without fearing overly large numbers of defaults. B) hold money market instruments as assets without fearing overly large numbers of defaults. C) predict the average number of occurrences of insurable events in a large population of policyholders. D) charge higher premiums than necessary, knowing that large numbers of individuals will pay them.
All these curves are U-shaped except
a. Average fixed cost curve b. Marginal cost curve c. Average variable cost curve d. Average total cost