Which is not one of the four basic questions used by economists to break down problems?
A. What do others think?
B. What are the trade-offs?
C. How will others respond?
D. Why isn't everyone already doing it?
A. What do others think?
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If gains from trade are based solely on comparative advantage, and if all countries have the same opportunity costs of production, then there are no gains from trade.
Answer the following statement true (T) or false (F)
Which of the following statements about an entrepreneur is false?
A) An entrepreneur sells his entrepreneurial services in the output market. B) An entrepreneur develops the vision for the firm and funds the producing unit. C) An entrepreneur risks the personal funds provided. D) An entrepreneur organizes the other factors of production into a working unit.
Positive statements are
a. prescriptive. b. claims about how the world should be. c. claims about how the world is. d. made by economists speaking as policy advisers.
In a market system, which of the following is a major benefit of making the firm's owners and investors exclusively shoulder the business risk?
A. Those who deeply dislike business risk will not have anything to do with the business B. This allows firms to more easily attract labor and other suppliers of inputs C. This reduces the business risk in the economy D. It makes it easier for the government to monitor and manage the business risk