An entrepreneur is best described as
a. someone that is hired to work in a firm
b. someone who creates human capital
c. someone with the ability to combine other resources in a productive enterprise
d. anyone who owns productive enterprise
e. anyone who produces long-lived physical capital
C
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Any efficient allocation of public goods will be such that the sum of the marginal benefits is equal to the marginal cost -- but the level of the public good may differ depending on how income is distributed in the population.
Answer the following statement true (T) or false (F)
Because it is a unit of account, money
A) increases transaction costs. B) reduces the number of prices that need to be calculated. C) does not earn interest. D) discourages specialization.
Expectations that the price level will increase in the future will _____
Fill in the blank(s) with the appropriate word(s).
The demand for labor is:
A. derived from the demand for the products it is used to produce. B. determined by the demand for consumer products. C. determined by the price of consumer products. D. All of these