Entrepreneurial judgment
a. is necessary to make business decisions when no fixed decision rule can be used.
b. is fully incorporated into modern economic models of business behavior.
c. requires decision makers to follow carefully defined rules regarding uncertainty, discovery, and business judgment.
d. requires government advice and regulation.
A
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In principle, exchange rates are for currencies what
a. the price of apples are for apples b. the current account is for the balance of payments c. surpluses on current account are for deficits on current account d. currencies are for capital accounts e. capital accounts are for current accounts
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product.
Answer the following statement true (T) or false (F)
The reason poor, young, unmarried women allow themselves to get pregnant is so they can get on welfare, according to conservatives like ____________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is the correct way to describe equilibrium in a market?
A) At equilibrium, demand equals supply. B) At equilibrium, quantity demanded equals quantity supplied. C) At equilibrium, market forces no longer apply. D) At equilibrium, scarcity is eliminated.