The role of the entrepreneur in society is to:
A. Provide capital to the firm which the management combines with labor
B. Bring the factors of production together and take the risks of producing
C. Control the land upon which all production takes place to get the most rent
D. Regulate what products are considered safe to market
Answer: B
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When two people trade their initial endowments to a point on the contract curve, only the level of the endowments will determine the new allocation
Indicate whether the statement is true or false
Household production is more likely to occur when
a. it requires many specialized resources b. technology makes it more costly than market production c. tax avoidance is undesirable d. more control over the final product is desirable e. all of the above
In competitive labor markets, ________ demand labor and ________ supply labor.
A. firms; labor unions B. firms; workers C. workers; firms D. labor unions; firms
In the case of a specific tax the resulting price received by producers depends on
A) who pays the tax. B) the price elasticity of supply. C) the price elasticity of demand. D) All of the above.