If a nation has a higher level of technology than another nation it can produce:
A. more with no use of human capital.
B. more outputs with the same level of physical capital.
C. less with the same amount of physical capital.
D. the same output with the same level of inputs.
Answer: B
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Which self-correcting mechanism do businesses have but government agencies do not?
a. Competitors b. Budgets c. Contracts d. Administrative tasks
With free trade, the demand curve facing a small-country monopolist:
a. is horizontal at the world price. b. shifts upward by the amount of imports demanded. c. shifts downward by the amount of imports demanded. d. is horizontal at the firm's MC.
a change in saving divided by a change in income is equal to ___________
What will be an ideal response?
If the entrepreneur is also the manager of the firm, we would expect
A) the manager to work hard because he or she is also the residual claimant. B) the manager to not work hard since there is no possibility of further advancement. C) the firm to operate poorly because the specialization of labor is not adequate. D) the firm to operate poorly because the entrepreneur is not as good at managing workers as a professional manager would be.