If the saving rate decreases, break-even investment will be ________ than investment, and the capital-labor ratio will ________
A) greater; increases
B) greater; decreases
C) less; increases
D) less; decreases
B
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Refer to Table 7-5
a. Which person has an absolute advantage in the production of pens? Pencils? b. Which person has a comparative advantage in the production of pens? c. Which person has a comparative advantage in the production of pencils?
_____ is the only type of firm where it is possible for a person to hold all of the information that matters for all types of decisions
a. Corporation b. A firm where decision-making is centralized c. Sole proprietorship d. A firm where there is separation of ownership and management
Economics is
a. exclusively the study of the markets for stocks and bonds b. the study of choice under conditions of scarcity c. exclusively the study of business firms d. fundamentally the same as sociology e. applicable only when scarcity is not a problem
Implicit costs are best thought of as the entrepreneur's
a. variable costs b. marginal costs c. accounting costs d. opportunity costs e. sunk costs