The role of the entrepreneur in an economy is to
A. Ensure full employment of labor.
B. Work with government planners to determine what goods are produced.
C. Bring the factors of production together and assume the risk of production.
D. Arrange bank financing for the owners of new businesses.
Answer: C
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In the above figure, a shift in the budget line in the direction indicated would occur as a result of
A) a decrease in money income. B) an increase in money income. C) a fall in the price of a movie. D) a rise in the price of movie.
Potential problems with incentive based compensation are
a. not evaluating the relevant performance measures b. rewarding outcomes that are not included in the performance evaluation c. not granting rewards for meeting performance measures d. all of the above
If consumers switch away from eating margarine at the same time that the number of margarine suppliers increases, then:
a. these two effects cancel each other out and there is no change in the margarine market equilibrium. b. the demand curve shifts left and the supply curve shifts right. c. there is a margarine price increase. d. there is an excess demand for margarine. e. the equilibrium quantity of margarine must increase.
The regulation of natural monopolies is common in all of the industries except the:
A. natural gas industry. B. tap water industry. C. electricity industry. D. oil and gas industry.