A person who seeks to earn profits by finding ways to organize factors of production is called a(n):
A) foreman
B) finance capitalist.
C) entrepreneur.
D) manager.
Ans: C) entrepreneur.
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When a firm has maximized profits
A) it has also minimized total costs. B) the marginal product of each input is also maximized. C) the marginal physical product is greater than the input price for all inputs. D) its marginal cost is zero.
Which of the following is true of the Federal Reserve System? a. It is one central bank located in Washington, DC
b. It was created just before World War II. c. All Federal Reserve banks are required to also become state banks. d. With the formation of the Fed, the power to issue bank notes was taken away from national banks and turned over to the state banks. e. It was notably unsuccessful in averting the Great Depression.
An insurance policy is a product that:
A. involves a company paying individuals very large sums of money if they encounter any risk. B. involves individuals paying a regular fee in return for an agreement that the insurance company will cover all expenses associated with risky behavior. C. involves individuals paying a company to ensure they don't experience any risk. D. allows people to pay to reduce uncertainty in some aspect of their lives.
Which of the following might be considered to be a characteristic of a planned economy?
What will be an ideal response?