Which of the following statements about an entrepreneur is true?
A) develops the vision for the firm and funds the producing unit
B) sells his entrepreneurial services in the output market
C) does not face personal risk
D) purchases other factors of production in the output market
A
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At a fair carnival roulette wheel, a player can either win $10, $30, or $80 . Assuming a rational player, how much should the game owner charge the player, to maximize his own profit?
a. $30 b. $40 c. $50 d. $80
Which of the following is true at the point where diminishing returns set in?
a. Both marginal product and marginal cost are at a maximum. b. Both marginal product and marginal cost are at a minimum. c. Marginal product is at a maximum and marginal cost at a minimum. d. Marginal product is at a minimum and marginal cost at a maximum.
The quantity theory of money states that increases in the money supply result in proportional increases in real GDP
a. True b. False Indicate whether the statement is true or false
The gold standard ended with the:
a. rise of Napoleon to power. b. American Declaration of Independence. c. outbreak of World War I. d. first Arab oil embargo. e. presidency of Richard Nixon.