The ________ posits that trade flows between countries will be larger as the economic sizes of the two countries are larger and the geographic distance between the two countries is smaller.

Which of the following represents the general rule of hiring for a firm?

A) Total physical product equals marginal factor cost. B) Average revenue product equals the wage rate. C) Marginal cost equals marginal revenue. D) Marginal revenue product equals marginal factor cost.

An entrepreneur is a person who does all of the following except

A. always makes a profit. B. organizes and manages a firm. C. assumes the risk of a firm. D. turns a new idea or product into a business.