Entrepreneurs directly do all of the following EXCEPT
A) create new ideas about what and how to produce.
B) make business decisions.
C) face risks that arise from making business decisions.
D) decide for whom goods and services are produced.
D
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Answer the following statement(s) true (T) or false (F)
1. Among the reasons that may explain why abatement standards are not set efficiently is imperfect information. 2. If an abatement standard is set to satisfy allocative efficiency on a national scale, that standard would not be optimal at the regional level unless the national MSB and MSC functions were identical to those at the regional level. 3. The command-and-control approach to environmental policy uses rules, emissions limits, and various incentive-based policy instruments. 4. According to the cost-effectivenesscriterion, all polluting sources would abate pollution to the point where their individual marginal abatement cost (MAC) levels were equal.
Suppose the value of income elasticity of demand for a private college education is equal to 1.5 . This means that
a. every $1 increase in income provides an incentive for a $1.50 increase in expenditures on private college education. b. every $1.50 increase in income provides an incentive for a $1 increase in expenditures on private college education. c. a 10 percent increase in income causes a 15 percent increase in the quantity of private college education purchased. d. a 15 percent increase in income causes a 10 percent increase in the quantity of private college education purchased. e. a 10 percent decrease in private college tuition will have a large enough income effect to increase spending on private college education by 15 percent.
The term excess capacity refers to the fact that a firm produces a lower quantity than it would if it operated at the efficient scale
a. True b. False Indicate whether the statement is true or false
The interest rate that equates the price of a bond with the present value of its payments:
A. should always be greater than the coupon rate. B. should be the one that makes the value equal to the par value of the bond. C. will vary inversely with the value of the bond. D. will vary directly with the value of the bond.