Which of the following sentences about entrepreneurs stands true?
a. They tend to be risk-averse individuals.
b. They are more frequently found in societies that support social conformity.
c. They help achieve technological progress.
d. They are more frequently found in the local population of the developing countries.
e. They usually belong to the traditional elite class.
c
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Suppose a retail store was offering 10% off list prices on all goods. The benefit of the 10% savings is:
A. unrelated to the list price of the good. B. zero since costs and benefits shouldn't be measured proportionally. C. positively related to the list price of the good. D. negatively related to the list price of the good.
Depreciation allowance ________ the profit subject to taxation, which ________ the amount of tax the firm pays.
A) decreases; decreases B) increases; increases C) increases; decreases D) decreases; increases
If an insurance company hires a resource in a perfectly competitive resource market and it wants to maximize profit, it will hire where marginal revenue product equals
a. the price of the resource, which equals its marginal resource cost b. the price of the resource, which is greater than its marginal resource cost c. the price of the resource, which is less than its marginal resource cost d. marginal product e. the price of the product
One big difference between tariffs and quotas is that tariffs:
a. raise the price of a good while quotas lower it. b. generate tax revenues while quotas do not. c. stimulate international trade while quotas inhibit it. d. hurt domestic producers while quotas help them. e. give the same outcome as free trade while quotas do not.