Entrepreneurship is defined as the ability to:
A. earn above-average profits.
B. raise investment capital.
C. minimize production costs.
D. organize and get something done.
Answer: D
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Suppose bad weather decreases the wheat harvest by 12 percent. If the price elasticity of demand for wheat is 0.6, how would the crop failure affect the price of wheat? Would the crop failure benefit or harm wheat farmers?
What will be an ideal response?
In what way do owners of stocks have limited liability?
What will be an ideal response?
When the demand curve for an input is a derived demand this means that
A) the demand curve is derived from the demand for the final product being produced. B) the demand curve depends upon the MFC. C) the law of diminishing marginal product does not hold. D) the demand curve slopes upward.
A less developed economy has greater income inequality the
a. less the economy is dependent upon agriculture b. smaller the middle class c. more the economy is dependent upon manufacturing d. less diverse the level of manufacturing activity e. greater the level of education in the country