In a firm, an entrepreneur is one who
A) decides to hire or fire.
B) works for the owner by running the firm.
C) takes the risks associated with a business firm.
D) represents the firm in legal proceedings.
Answer: C
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To answer the next question, use the following graph showing the domestic demand and supply curves for a specific standardized product in a particular nation.
If the world price for this product is $0.50, this nation will experience a domestic
A. shortage of 160 units, which it will meet with 160 units of imports. B. surplus of 160 units, which it will export. C. shortage of 160 units, which will increase the domestic price to $1.60. D. surplus of 160 units, which will reduce the world price to $1.00.
Which of the following is not one of the theories that have emerged as alternatives to the HO model?
A) The human skills theory. B) The product life cycle theory. C) The similarity of preferences theory. D) All of the above have been suggested as alternatives to the HO model.
Some countries have borrowed as much as 500 percent of their IMF quotas
Indicate whether the statement is true or false
The optimal method of production is the one that
A. maximizes output regardless of cost. B. minimizes the normal rate of return. C. maximizes inputs. D. minimizes cost.