An entrepreneur is:
a. an employee in a factory.
b. the manager of a factory.
c. the person who conceives and starts a business.
d. the person who contracts to work for a specific price.
e. the person who does not assume any risk in business.
c
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According to the neoclassical growth theory
A) increases in labor productivity are only temporary. B) technological change depends on people's choices. C) forces other than GDP growth determine population growth. D) higher saving rates generate permanently faster growth in GDP per person.
From an economics standpoint, the Articles of Confederation did not provide for
(a) levying taxes to support a central government. (b) regulating interstate commerce. (c) enforcing laws, because no federal judiciary was authorized. (d) any of the provisions mentioned above.
Due to increased competition, Hit-Hard, a baseball bat manufacturer, decreased the price of its product. This was followed by a decrease in price by all the other manufacturers. Which of the following will be an impact of this price change in the market for baseball bats. a. The quantity supplied of baseball bats will increase. b. The quantity supplied of baseball bats will decrease. c. The
supply of baseball bats will increase. d. The supply of baseball bats will decrease.
When demand is inelastic and price? decreases:
A) the effect of the decrease in price on total revenue dominates the effect of the increase in quantity demanded on total revenue; overall total revenue declines.
B) the effect of the increase in quantity demanded on total revenue dominates the effect of the decrease in price on total revenue; overall total revenue increases.
C) the effects of the decrease in price on total revenue and the corresponding increase in quantity demanded on total revenue perfectly offset one another; overall total revenue remains unchanged.
D) quantity demanded and total revenue fall to zero.