In order to prosper, entrepreneurs in a market economy must
A) have at least one million dollars of personal wealth for the financing of new projects.
B) find ways to slow technological change.
C) undertake projects that create wealth and increase the value of resources.
D) undertake projects that require resources that are more valuable than the products
C) undertake projects that create wealth and increase the value of resources.
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According to the Coase theorem, externalities
A. must usually be internalized by taxation or subsidy. B. can be internalized by the market under certain conditions. C. result when firms fail to maximize profits. D. cannot be internalized if property rights are assigned. E. are not relevant to the issue of market failure.
When money enables us to convert excess goods into money and retain the money, it is acting as a
a. medium of exchange. b. standard of value. c. standard of deferred payment. d. store of value.