Bonnie has just opened a new business selling pet food online.
A. Bonnie is not providing economic goods since pet food are not being sold in a store.
B. Bonnie is not an entrepreneur since there are other businesses that sell pet food.
C. Bonnie is not providing economic goods since people purchase the goods.
D. Bonnie is an entrepreneur.
Answer: D
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The optimum quantity of an input occurs when
A. diminishing returns set in. B. marginal revenue product equals input price. C. marginal physical product equals input price. D. marginal revenue product equals output price.
If average product is decreasing, then marginal product
a. Must be increasing b. Must be greater than average product c. Must be less than average product d. None of the above
The relationship between consumer spending and disposable income is called the
a. conjunction function. b. consumption function. c. aggregate demand function. d. marginal spending function.
Which of the following would be considered part of income?
A. Wages and salaries B. The value of a house C. Corporate stock holdings D. Money in a bank account