The United States is considered by the Institute for Management Development to be the most competitive economy because
A) U.S. residents are willing to work harder than anyone else is.
B) of widespread entrepreneurship.
C) of a high saving rate.
D) of selected restrictions on imports from Japan and Europe.
B
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Marginal benefit is equal to the ________ benefit a consumer receives from consuming one more unit of a good or service
A) additional B) unintended C) total D) surplus
Which of the following is NOT a key component of every game?
A) Strategies B) Players C) Payoffs D) Cooperation
When it takes one firm in an industry to produce the quantity necessary to realize low unit costs, the industry
A) experiences economies of scale. B) has barriers to entry due to ownership of resources. C) has no barrier to entry. D) has a license granted by the government.
John is able to take out a loan for $1,000 for one year at an annual interest rate of 10 percent. After calculating his return to be $200, John will:
A. make money on net, and should take out the loan. B. make money on net, and should not take out the loan. C. not make money on net, and should take out the loan. D. not make money on net, and should not take out the loan.