Which statement is true?
A. Entrepreneurial ability is considered a passive resource.
B. All entrepreneurs are inventors.
C. The entrepreneur has been the central figure in the long economic success in the U.S.
D. The basic payment made to the owners of capital is rent.
C. The entrepreneur has been the central figure in the long economic success in the U.S.
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Disadvantages of a consumption tax are
A. the administrative problems. B. the transitional problems. C. dealing with gifts and bequests. D. all of these answer options are correct.
The limits of the terms of trade are determined by the:
a. distribution costs in each country. b. stock of foreign exchange in each country. c. average total costs of producing the commodities in each country. d. opportunity costs in each country. e. currency exchange rate between the trading partners.
What would happen if a perfectly competitive firm decided to raise its prices by 1%?
a. The firm would increase revenues by 1%. b. The firm would increase market share by 1%. c. The firm would lose all of its market to its competitors. d. The firm would put all of its competitors out of business.
A television station reports that the price of orange juice has declined but the quantity sold has increased. This situation would be caused by a(n):
a. Increase in demand b. Increase in supply c. Decrease in supply d. Decrease in demand