Entrepreneurship is
A) the talent for organizing the use of land, labor and capital, among other things.
B) skill in influencing government regulators and legislators.
C) accumulated technical knowledge in using labor and capital.
D) knowledge of the particular natural resources to be found in a given area.
A
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List the four types of efficiency-wage theory
In a "game," strategies are
A) the reactions of firms to the changes in the economy. B) the laws regulating the industry. C) the plans made by the participants. D) the potential returns the participants may get.
A firm is currently producing at the point where MC = MR. The situation for the firm at this point is P = $5, Q = 100, ATC = $6, AVC = $4.50. What do you recommend this firm do?
A) Increase production above the current output rate, because MC = MR at this rate of output. B) Continue to produce the current output rate, because P > AVC. C) Shut down, because AVC > P. D) Shut down, because ATC > P.
Infrastructure, such as public works and public services, is also referred to as
A. intangible capital. B. tangible capital. C. social capital. D. human capital.