Human resources that perform the functions of organizing, managing, and assembling the other resources are called
A) physical capital.
B) venture capital.
C) entrepreneurship.
D) productive capital.
C
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If marginal cost exceeds average variable cost but is less than average total cost, then as output increases average total cost ________ and average variable cost ________
A) increases; decreases B) decreases; decreases C) increases; increases D) decreases; increases
In the short run, a firm in monopolistic competition produces where MR = MC
Indicate whether the statement is true or false
Two-dimensional graphs have a horizontal and a vertical axis and are used in economics to illustrate
A) relationships between two economic variables. B) a pie chart. C) a flow chart. D) one variable.
Restrictions on imports
A. protect United States jobs. B. usually have no permanent effects on an economy. C. is the best way to increase exports. D. eventually reduce exports.