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- ____________ is a term which refers to the widespread use ofpower-driven machinery and the economic and social changes that resulted in thefirst half of the 1800s. a)Industrial Revolution b)Capital deepening c)Living standard d)TechnologyWhich of the following word is not related to entrepreneurship? a. Innovation b. Creativity c. Needs and wants d. None of the optionsCririca/ Thinking Many developed countries, includingthe U.S., have in recent decades become primarily service economies; that is, there is relatively little manufacturing of goods, and most people in the economy are employed by service industries. Why do you thinkthis has occurred? In what ways is this trend a goodand/or a bad thing for a country? Do you think thistrend will continue?
- Which of the following statement is correct about entrepreneurs? a. Entrepreneurs have more freedom. b. Entrepreneurs' income is certain c. Entrepreneur is a servant in the business d. Entrepreneurs have to avoid the risksReview Porter’s Theory of Competitive Advantage and assess the extent to which the model canbe used to explain (fully or partially) growth and development in the Caribbean region. Howinline is the model with the views of economic development put forward by Best and Lewis? Limit answer to 200 wordsDescribe the business environment in the city or country that you live in. You should explain whether the businessenvironment encourages or inhibits business activity. Justify your view with the use of examples. In addition, youshould examine four different industries and describe the type of market structure that exists in each of theseindustries. You should explain whether there is much or little competition and why? Based on your answers above,discuss the effects that the above business environment has on consumers and society in general.
- Consider the circular flow model: suppose that businesses buy a total of $220 billion of the four resources (land, labor, capital and entrepreneurial ability) from households. If households receive $120 billion in wages, $24 billion in rent, and $49 billion in interest, how much are households paid for providing entrepreneurial abiltity? A. $360 billion B. $60 billion C. 27 billion D. $100 billionAccording to Adam Smith, which one was not the reason why division of labor increases output? Select one: a. Invention of new machinery. b. Increase labor skills. c. Time-consuming. d. Increase efficiencyThe following are Invention in the Third Industrial Revolution, except (Choose 2) a. Photography b. Internet c. Computers d. Telephones e. Digital TV
- Explain the process of accumulation as Smith and Marx saw it (Note: The descriptions by Smith and Marx are essentially the same). What are the underlying motivations of the firm that produce this behavior? How has the process of accumulation changed since the time of Smith and Marx?In economics, How might productivity be measured for each of the following industries ? a. Education(e.g., elementary and secondary education, higher education—undergraduate and graduate) b. Government (e.g., the Social Security Office, the Internal Revenue Service) c. Manufacturing (e.g., soap and toothpaste, computers, heavy machinery) d. Finance and insurance (e.g., banks, insurance companies, brokerage houses)16 Calculate the implied growth rate of technology in each scenario. Assume labor's share of output is 60% and capital's share of output is 40%. Instructions: Enter numbers rounded to two decimal place in each box. Growth Rate of Labor (8) Growth Rate of Capital (8) Scenario A B C D Growth Rate of Output (8) 3.0 4.2 3.0 4.2 2 3 2 1 2 3 1 4 Implied Growth Rate of Technology (8)