Which statement is true?
A. Entrepreneurial ability is considered a passive resource.
B. All entrepreneurs are inventors.
C. The entrepreneur has been the central figure in the long economic success in the U.S.
D. The basic payment made to the owners of capital is rent.
C. The entrepreneur has been the central figure in the long economic success in the U.S.
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Suppose a country's net exports equal -$2.1 billion. Which of the following will happen if the volume of exports increases by $3 billion without any change in the volume of imports?
A) The country's net exports will stand at -$5.1 billion. B) The country's net exports will stand at zero. C) The country's net exports will stand at -$0.9 billion. D) The country's net exports will become positive.
Suppose the country of Popcorn produces only jets and corn. If Popcorn cannot produce any more jets without giving up corn, we say that Popcorn has achieved
A) the highest marginal benefit. B) production efficiency. C) the lowest marginal cost. D) the highest opportunity cost.
Monitoring is often used by firms in an attempt to decrease
A) shirking. B) piece rates. C) adverse selection. D) signaling.
Resource owners will supply additional units of a resource as long as doing so
a. decreases their opportunity cost b. increases their income c. increases their utility d. decreases their income taxes e. improves their working conditions