What are the non routine decisions of entrepreneurs that involve substantial financial risk?
What will be an ideal response?
First, entrepreneurs are responsible for establishing the firm’s strategy for obtaining and using resources to produce a good or service. Second, they make decisions about how to develop a new product and the production processes to be used. Third, they assume the responsibility for the financial risk related to the success or failure of the firm.
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Suppose that Hawaii legalizes casino gambling. By imposing a tax on casino revenues, the state government is able to eliminate the state income tax on wages. What is likely to be the effect on the labor supply curve in Hawaii?
What will be an ideal response?
The WTO's intervention against clean air standards
A) has earned it universal approval. B) was done in order to limit national sovereignty. C) has resulted in much criticism. D) has resulted in much criticism among professional economists. E) was championed in developing countries.