What makes someone an entrepreneur?
What will be an ideal response?
Answer: running a service that hires people to install sprinkler systems in lawns.
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Refer to the above figure. Which of the graphs are consistent with the age-earnings profile?
A) Panel A B) Panel B C) Panel C D) Panel D
Spain allows trade with the rest of the world. We know that Spain has a comparative advantage in producing olive oil if we know that
a. Spain imports olive oil. b. the world price of olive oil is higher than the price of olive oil that would prevail in Spain if trade with other countries were not allowed. c. consumer surplus in Spain would exceed producer surplus in Spain if trade with other countries were not allowed. d. All of the above are correct.
A cartel behaves like
A. a monopolist. B. an oligopolistic firm. C. a perfectly competitive firm. D. a monopolistic competitive firm.
If marginal utility is negative
A. the consumer will not consider extra units of the good even if its price is zero. B. total utility increases at a decreasing rate. C. the consumer will want to consume the unit only if it is free. D. the consumer likes the commodity, but not as much as he or she once did.