Activist capitalists who seek out or create earnings opportunities and assume risk, for which they receive profits, are called
A. rent seekers.
B. entrepreneurs.
C. muckrakers.
D. marginalists.
Answer: B
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Economies of scale imply: (i) a continuously falling AC curve or (ii) a larger output is more efficient than a smaller output.
A. i and ii B. i but not ii C. ii but not i D. neither i nor ii
"If you hadn't gone to dinner with your friends, you would have stayed home and watched television." It follows that
A) watching television is the opportunity cost of having dinner with your friends. B) the price of having dinner with your friends is more than the price you would have had to pay to watch television. C) the opportunity cost of having dinner with your friends is lower than the opportunity cost of watching television. D) it is less costly to watch television than to have dinner with your friends.
The simple aggregate expenditure model assumes that ______.
a. supply automatically creates demand b. investment fluctuations are unimportant c. the price level is stable in the short run d. consumption patterns are irrelevant
A price taker is a buyer or a seller who:
A. takes the market price as given. B. buys or sells only at a price where profits can be made. C. accepts whatever price that the government legislates as the price of the good or service. D. has the ability to influence the equilibrium price in the market.