Entrepreneurs are important to market economies because
A. they make up a large portion of low-skilled labor.
B. they engage in risk taking and innovation.
C. they represent the bulk of employment at large corporations.
D. they take few risks and thereby, suffer fewer bankruptcies.
Answer: B
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Which of the following is not a legal organization of a firm?
A) corporation B) partnership C) entrepreneurship D) proprietorship
The actual deadweight loss from monopoly in the U.S. may be greater than calculated estimates because some
a. monopolies experience strong economies of scale b. monopolists spend resources to secure and maintain their monopoly c. monopolists may purposely keep price lower than its profit-maximizing level, in order to increase barriers to entry d. monopolists' markets are contestable e. monopolists' prices and profits are regulated by the government
Producer surplus directly measures
a. the well-being of sellers. b. production costs. c. excess demand. d. unsold inventories.
The interest rate on primary credit extended by the Fed is:
A. equal to the IOER. B. the average of the prime interest rate charged by the ten largest banks in the nation. C. below the IOER. D. above the IOER.