Which of the following is true?
A) Entrepreneurs are under-represented among millionaires.
B) All of the above are true.
C) The parents of successful entrepreneurs almost always have at least a college education.
D) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others.
D) Successful entrepreneurs are good at discovering profitable opportunities that have been overlooked by others.
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Use the following graph showing the average total cost curve for a perfectly competitive firm to answer the next question.
At the long-run equilibrium level of output, this firm's total revenue
A. is $400. B. is $10. C. is $40. D. cannot be determined from the information provided.
An increase in the value of a country's currency is known as ________
A) a spot exchange rate B) a depreciation of its value C) an appreciation of its value D) a backward exchange rate
If a firm's demand curve slopes downward, the firm's
a. marginal revenue will rise as price is reduced b. marginal revenue will generally be less than price c. total revenue will decline continuously as price is reduced d. marginal revenue will always be greater than its demand e. average revenue will increase continuously as output increases
Where does the money for investment in physical capital come from? It largely comes from:
A. the savings of ordinary households. B. government subsidies. C. the reinvestment of funds from businesses. D. donation by foreign countries.