Entrepreneurs are important to market economies because
A) they engage in risk taking and innovation.
B) they make up a large portion of low-skilled labor.
C) they take few risks and thereby, suffer fewer bankruptcies.
D) they represent the bulk of employment at large corporations.
Answer: A
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Inflation shocks and shocks to potential output are called ________ shocks.
A. aggregate supply B. aggregate demand C. monetary policy D. fiscal policy
Risk pooling:
A. reallocates the likelihood of catastrophes happening. B. reallocates the costs of catastrophes when they occur. C. diversifies the risk of catastrophes occurring. D. gathers individuals with similar risks and pools them together.
Income tax collections:
a. rise during a recession, thus reduce the severity of the recession. b. rise during a recession, thus increase the severity of the recession. c. fall during inflationary episodes, thus increase the severity of the inflation. d. fall during a recession, thus reducing the severity of the recession.
A sharp increase in gasoline prices will cause the supply curve for trucking services to shift to the right
a. True b. False Indicate whether the statement is true or false