The function of an entrepreneur is: (check all that apply)
a. to maximize the welfare of society.
b. to avoid risks and prevent the commercialization of new products and ideas.
c. to make strategic business decisions.
d. to combine the resources of land, labor, and capital to produce a g
c. to make strategic business decisions.
d. to combine the resources of land, labor, and capital to produce a g
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Andrew has the utility of wealth curve shown in the above figure. He owns an SUV worth $30,000, and that is his only wealth. There is a 10 percent chance that he will have an accident within a year. If he does have an accident, his SUV is worthless
What is Andrew's expected wealth? A) $30,000 B) $27,000 C) $20,000 D) zero
The convergence theory suggests:
A. that poorer countries will grow faster than rich ones. B. all countries eventually will experience the same rate of growth. C. countries may have the same rate of growth but differing levels of income. D. All of these are true.
All of the following are income in kind EXCEPT
A. government provided food stamps. B. government provided medical aid. C. income received from family members. D. services produced in the home.