Entrepreneurs
A. receive most of their income through inheritance.
B. receive interest payments for their services.
C. take risks in order to earn profits.
D. are unemployed except during economic boom periods.
C. take risks in order to earn profits.
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The Bayes' theorem states that the conditional probability of event B given event A depends on the conditional probability of event A given event B and the independent probability of event B
Indicate whether the statement is true or false
If the number of employed persons equals 180 million, the number of unemployed persons equals 15 million, and the number of persons over age 16 in the population equals 210 million, the unemployment rate equals ____ and the labor force participation rate equals ____
a. 7.1%; 85.7% b. 7.7%; 85.7% c. 7.1%; 92.9% d. 7.7%; 92.9%
Define the following terms briefly and concisely and indicate their importance to the study of economics
a. entrepreneurship b. investment c. capital d. innovation e. discounting
A perfect monopoly:
A. can be a single seller or small group of firms. B. controls 100 percent of the market for a product. C. can offer a product at the lowest cost possible. D. always engages in price discrimination.