Entrepreneurs can delegate every one of the following tasks to labor except:
A. hiring and training new employees.
B. assuming business risk and uncertainty.
C. supervision of the production process.
D. marketing the goods and services produced.
Answer: B
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Which of the following is not an advantage of starting a new business as a sole proprietorship?
A) the initial cost in setting up the business B) limited control over the operation of the business C) separation of ownership and business liability D) possibility of double taxation
The optimal size of a project is _____
a. the one that produces the highest net benefits b. the one that has the highest ratio of benefits to costs c. the one where the distance between marginal benefits and marginal costs is greatest d. a and c
The textbook discusses the carpet industry situated in the southeastern U.S., and the authors indicate that smaller carpet mills have ________ returns to scale while larger mills have ________ returns to scale
A) increasing, decreasing B) increasing, constant C) constant, decreasing D) constant, increasing
Which of the following is NOT an assumption used in deriving a production possibilities curve?
A) The labor force is growing at a constant rate. B) Resources are fully employed. C) Technology is constant. D) The quantity of resources is constant.