The main function of the entrepreneur is to
A. innovate.
B. purchase capital.
C. create market demand.
D. make routine pricing decisions.
Answer: A
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In the classical model, desired saving
A) is inversely related to real income. B) exceeds investment. C) is equal to desired investment. D) is less than desired investment.
All points within the production possibilities frontier are
A) unattainable. B) efficient. C) inefficient. D) profitable.
Which of the following lists the three types of firms in the United States from smallest to largest in terms of volume of sales?
a. partnerships, sole proprietorships, corporations b. sole proprietorships, partnerships, corporations c. sole proprietorships, corporations, partnerships d. corporations, partnerships, sole proprietorships e. partnerships, corporations, sole proprietorships
Total cost is
a. the sum of variable cost and fixed cost. b. average variable cost times quantity. c. the sum of average fixed cost and marginal cost. d. the sum of fixed cost and average variable cost.