Which of the following is true?
A) Most entrepreneurs work very few hours.
B) Entrepreneurs generally save less of their income than other Americans.
C) If you want to make a lot of money, you had better figure out how to provide others with substantial value and find ways to discover and act on strategic opportunities.
D) Additional years of schooling will substantially increase your earnings even if they fail to increase your productivity and ability to provide others with things that they value.
C) If you want to make a lot of money, you had better figure out how to provide others with substantial value and find ways to discover and act on strategic opportunities.
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Graphically an increase in the short-run aggregate supply line represents a(n) ________, and a shift leftward of the long-run aggregate supply line represents a(n) ________.
A. adverse inflation shock; shock to potential output B. favorable inflation shock; shock to potential output C. shock to potential output; favorable inflation shock D. shock to potential output; adverse inflation shock
In reality, the profit-maximization rule to set marginal revenue equal to marginal cost, is a(n) ________ rather than a(n) ________.
A) operational rule; target B) obtainable goal; operational rule C) operational rule; goal D) target; operational rule
Which of the following is correct? a. An increase in the quantity of labor always leads to economic growth
b. Increased education adds to the stock of human capital, not unlike building factories adds to the stock of physical capital. c. A decrease in the productivity of labor leads to economic growth. d. Japan and Hong Kong are rich in natural resources.
Laurel and Janet are competitors in a local market and each is trying to decide if it is worthwhile to advertise. If both of them advertise, each will earn a profit of $5,000 . If neither of them advertise, each will earn a profit of $10,000 . If one advertises and the other doesn't, then the one who advertises will earn a profit of $12,000 and the other will earn $2,000 . In this version of the
prisoners' dilemma, if the game is played only once, Laurel should a. advertise, but if the game is to be repeated many times she should probably not advertise. b. advertise, and if the game is to be repeated many times she should still probably advertise. c. not advertise, but if the game is to be repeated many times she should probably advertise. d. not advertise, and if the game is to be repeated many times she should still not advertise.