All of the following statements are true about entrepreneurship except:
A. The entrepreneur assembles needed resources.
B. The entrepreneur risks her or his own money.
C. The entrepreneur reaps the profits or suffers the losses of the enterprise he or she creates.
D. The term entrepreneur is synonymous with the term inventor.
D. The term entrepreneur is synonymous with the term inventor.
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The greater your discount weight, the more your current decisions are driven by the future consequences of your actions. Do you agree? Explain
What will be an ideal response?
The demand for dollars is downward sloping because when dollar appreciates,
a. Foreigners demand more US goods and services b. Foreigners demand fewer US goods and services c. Foreigners demand more dollars d. Foreigners do not change their demand for US goods and services
A steel factory has the right to discharge waste into a river. The waste reduces the number of fish, causing damage for fisheries. Let X denotes the quantity of waste dumped. The marginal damage, denoted MD, is given by the equation MD = 2 + 5Q. The marginal benefit (MB) of dumping waste is given by the equation MB = 34 - 3Q.
(a) Calculate the efficient quantity of waste. (b) What is the efficient fee, in dollars per unit of waste, which would cause the firm to dump only an efficient quantity of waste? (c) What would be the quantity dumped if the firm did not care about the fishery?
Economists focus on self-interest in explaining choices because:
A. it is a useful way to approach problems. B. individuals often are motivated by selflessness. C. economists know people are selfish even if psychologists don't. D. economists do not believe that there is more to making choices than maximizing utility.