Entrepreneurial judgment requires
a. the ability to use perfect information about the suture to your advantage.
b. the ability to discover new approaches or solutions to complex problems.
c. the use of government regulations to prevent competition
d. that a firm make a profit.
B
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According to Max Weber, the Protestant world view that encouraged hard work and saving was crucial to industrialization and the development of capitalism. Which hypothesis is this view based on?
A) The geography hypothesis B) The location hypothesis C) The institutions hypothesis D) The culture hypothesis
In the above table, the marginal product of the fourth worker is
A) 1. B) 3. C) 4. D) 6.
Define the factor of production called capital. Give three examples of capital, different from those in the chapter. Distinguish between the factor of production capital and financial capital
What will be an ideal response?
Which of the following is most likely to be a fixed cost for a business?
a. payment for raw materials used in manufacturing goods b. interest payments on a loan used to finance the construction of a building c. shipping charges for the delivery of products d. wages paid to temporary workers