An entrepreneur
a. is an employee working in a factory
b. manages a factory
c. conceives of and starts a business
d. contracts to work for a specific price
e. estimates the risks and uncertainties of business
C
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Schooling and other types of training
a. are regarded as investment in human capital. b. are an important cause of income differentials. c. involve workers' sacrificing current income in order to enjoy higher future income. d. All of the above are correct.
The Tragedy of the Commons for sheep grazing on common land can be eliminated by the government doing each of the following except
a. assigning land property rights. b. auctioning off sheep-grazing permits. c. taxing sheep flocks. d. subsidizing sheep flocks.
If demand is unit-elastic throughout the demand curve, then total revenues are
A. lower the higher the price. B. the same for any price the firm charges. C. greater the higher the price. D. maximized at the midpoint of the demand curve.
According to your text, the "market economy" can best be understood as
A) an institution created by British merchants around the time of Smith's Wealth of Nations. B) an extremely complex institution that emerged out of individuals specializing and trading among each other. C) an institution unique to America. D) an institution that could not exist in the absence of regulation.