Public goods represent ________ because by their very nature they are nonexcludable and nonrival which makes it difficult for the private sector to supply them profitably.
A. a negative externality
B. a positive externality
C. efficient production
D. a market failure
Answer: D
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At any given point on the curve, the slope of the total product curve always equals
A) the ratio of the marginal product and the average product. B) the change in input divided by the change in output. C) the average product of the input. D) the marginal product of the input.
Which of the following is a range on the eclectic or general view of the aggregate supply curve?
a. Keynesian range. b. Intermediate range. c. Classical range. d. All of these.
Which of the following is not a reason why firms merge?
a. to exercise greater market control b. to increase control over suppliers c. to expand their asset holdings d. to diversify their asset holdings e. to multiply the brands they offer
Entrepreneurship refers to:
A.) Natural resources, such as land and water. B.) Computer technology. C.) Skilled labor. D.) Ability to see market opportunities and the will to take risk