Which of the following is most likely to be a reason for immigrants to become entrepreneurs in developing countries?
a. They usually hold government positions.
b. They are poorer than the domestic population.
c. They are risk-averse.
d. They have skills and experience that are lacking in poor nations.
e. They quickly assimilate to their new environment.
d
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When the slope of the total product curve is steep, the marginal product is
A) zero. B) negative. C) high. D) low. E) not defined.
In one day, Sue can change the oil on 20 cars or change the tires on 20 cars. In one day, Fred can change the oil on 20 cars or change the tires on 10 cars. Sue and Fred can gain from trade if Sue changes the ________ and Fred changes the ________
A) tires; oil B) oil; oil C) oil; tires D) tires; tires
A market consequence of a price floor is that
a. consumers will discover that there aren't sufficient quantities of the good available at the floor price b. producers will reduce the quantity of good they supply c. some rationing mechanism, such as ration coupons, must be created d. an excess supply of the good results e. an excess demand for the good results
To maximize sales revenue, an oligopolist will expand output until the marginal revenue curve cuts the horizontal axis
a. True b. False Indicate whether the statement is true or false