"Profits are a reward for risk-bearing" would be a view held by
A. Joseph Schumpeter.
B. Frank Knight.
C. Henry George.
D. Karl Marx.
B. Frank Knight.
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In terms of the marginal product of labor, how much labor is needed to produce one more unit of output? If the cost of that labor is w, then how much does one more unit of output cost to produce? If a firm is a perfectly competitive profit maximizer, show why they produce where w equals the marginal revenue product of labor.
What will be an ideal response?
Over the past two decades, the saving rate in China has been approximately ________%
A) 17 B) 80 C) 40 D) 5
The largest component of aggregate expenditure is
a. consumption spending b. investment spending c. government purchases d. net exports e. a virtual tie between consumption spending and government purchases
In reality, the long-run supply curve tends to be:
A. perfectly inelastic. B. perfectly elastic. C. upward sloping. D. downward sloping.