The role of the entrepreneur in society is to
A. regulate what products are considered safe to market.
B. provide capital to the firm which the management combines with labor.
C. control the land upon which all production takes place to get the most rent.
D. bring the factors of production together and take the risks of producing.
Answer: D
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In economics, the study of the decisions of firms in industries where the profits of each firm depend on its interactions with other firms is called
A) profit analysis. B) market structure analysis. C) game theory. D) decision theory.
When economic growth occurs it will: a. eventually eliminate scarcity
b. shift the production possibilities curve to the left. c. be a product of luck. d. often result from improved technology.
According to the adaptive expectations hypothesis,
a. inflation will cause the long-run unemployment rate to decline. b. the economic record during the current period strongly influences decision-maker expectations about the future. c. decision makers will consider the expected impact of policy changes when forming their expectations about the future rate of inflation. d. future inflation will adapt to conform with the expectations of decision makers.
The act of weighing the long-run use of limited natural resources is called
A. brinksmanship. B. stewardship. C. fostering. D. gamesmanship.