Which of the following is true?
a. Uncertainty accompanies investment decisions.
b. At any given time, there are a virtually infinite number of potential investment projects that might be undertaken by investors.
c. In order to be successful, entrepreneurs must be good at recognizing and undertaking economically beneficial projects.
d. All of the above are correct.
D
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Macroeconomics differs from microeconomics in that macroeconomics focuses on:
A. individual choices and group behavior in individual markets. B. production in specific markets. C. the performance of national economies and ways to improve that performance. D. prices in specific markets.
A mandatory tax that both workers and employers in the United States pay to fund Social Security and Medicare is the
A) corporate income tax. B) individual income tax. C) payroll tax. D) excise tax.
If the firms in a market have constant returns to scale internally while there are external economies of scale for the industry, a firm's long-run supply curve will be ________ and the long-run market supply curve will be ________
A) downward sloping; downward sloping B) upward sloping; horizontal C) horizontal; downward sloping D) downward sloping; horizontal E) upward sloping; downward sloping
Insurance works best in situations where there is
a. a high probability of a small loss. b. a low probability of a small loss. c. a high probability of a large loss. d. a low probability of a large loss. e. the level of probability and the size of the loss are irrelevant.