Which of the following statements about an entrepreneur is true?
A) develops the vision for the firm and funds the producing unit
B) sells his entrepreneurial services in the output market
C) does not face personal risk
D) purchases other factors of production in the output market
A
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Forecasts by the Congressional Budget Office show spending on Social Security, Medicare, and Medicaid rising from 10
1 percent of GDP in 2015 to ________ percent of GDP in 2090, and by 2090 the federal government will be spending, as a fraction of GDP, ________ on these three programs as it currently spends on all programs combined. A) 16.2 percent; half as much B) 19.8 percent; nearly as much C) 16.2 percent; nearly as much D) 19.8 percent; half as much
A monopsonistic employer in an unorganized (nonunion) labor market will:
A. pay a wage rate less than labor's MRP. B. pay the same wage rate but hire fewer workers than if the market was purely competitive. C. hire the number of workers indicated by the intersection of the MRC and the labor supply curves. D. pay a wage rate in excess of labor's MRP.