To be economically successful, the entrepreneur mustcombine resources in a manner that increases their value.produce a good that consumers value less than the resources used to produce it.use only personal financial capital to avoid the interest payments that would have to be paid if the money isborrowed from the bank.transform or rearrange resources to maximize the entrepreneur's cost of production.

The motive of an entrepreneur is to maximize the profit while minimizing the cost of production.…

Answered: To be economically successful, the…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter10: Labor Markets And Income Distribution

Section: Chapter Questions

Problem 20SQ

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Willingness to spend, which relates to a person’s _____, is likely to ____ if he or she is unsure how long they will be employed. Willingness to spend, which relates to a person’s _____, is likely to ____ if he or she is unsure how long they will be employed. A. economic conditions and personal resources; decrease B. expected satisfaction from a product; decline C. expected satisfaction from a product; increase D. annual household income; decline E. economic conditions and personal resources; increase
Higher education: -is not generally worth the costs -is worth the additional expanse for bachelor's degrees and associate's degrees but not for master's degrees and higher. -is only worth the additional expense for professional degrees such as law and medical degrees. -will generally result in lower lifetime earnings, ceteris paribus. -will generally result in higher lifetime earnings, ceteris paribus (all else equal)
Why does the marginal product of labour fall as more workers are hired? Motivate your answer.
Bobby has been recently hired to work on a highway construction crew for the summer. The work is hard, but the pay is great at a time when jobs are hard to come by. One day, the foreman told Bobby to slow down. "You're working too hard." This crew is used to taking it easy. "At this rate, you'll be out of a job because once we're done with this project, you're finished! Work slower - you'll last a lot longer." Bobby is convinced that this practice is dishonest to the company and to the taxpayers who are paying for the highway work. But he needs the job to meet his school expenses. What would you do if you were Bobby?
Bobby has been recently hired to work on a highway construction crew for the summer. The work is hard, but the pay is great at a time when jobs are hard to come by. One day, the foreman told Bobby to slow down. "You're working too hard." This crew is used to taking it easy. "At this rate, you'll out yourself out of job because once we're done with this project, you're finished! Work slower - you'll last a lot longer." Bobby is convinced that this practice is dishonest to the company and to the taxpayers who are paying for the highway work. But he needs the job to meet his school expense. What would you do if you were Bobby? PLEASE ANSWER IN FIVE SENTENCES
Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000 Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Creamy Crisp's explicit costs are
. A marginal change is one that a. is not important for public policy. b. incrementally alters an existing plan. c. makes an outcome inefficient. d. does not influence incentives.
Income mobility refers to the changes in earnings over an individual's working life until retirement. is the ability and willingness of workers to relocate. is the ability of individuals or households to alter their economic status. measures changes in the required commuting time for a cross-section of workers.
The opportunity cost of holding money: Group of answer choices is zero because money is not an economic resource varies directly with the interest rate varies inversely with the level of economic activity varies inversely with the interest rate
Prompt Earning a college degree has some well-known and well-documented advantageous impacts on an individual. That is the motivation for people to delay their entry into the workforce for four or five years while they earn a baccalaureate degree. However, studies have shown significant positive impacts on the community, the state, and society caused by higher education. For example, states with more college-educated people also display better health conditions, higher earnings, lower crime, more innovation, and a general increased standard of living. In the language of our current module, higher education is a positive externality. The person deciding to attend college is doing it for the benefits she will receive from this new knowledge and experience. However, it is also true that there will be positive spillover effects on her community and state. QUESTION- We discovered that when an activity also produces a positive externality, the marginal social benefit (MSB) from that activity…
The capital earns an interest return on investment in the structure of production because A. Otherwise, he would simply loan his money out at interest rather than invest it B. The capital goods he invests in are productive C. He assumes the burden of waiting for income by advancing money to workers before the sale of the product on the market D. He alone bears the risk of loss if the investment is not successful
marginal cost minus marginal benefit. the time spent on an economic activity. the value of the best forgone alternative. the money cost of an economic decision. 2. (TCO1) Which is not a factor of production? Money Land Labor Capital 3. (TCO1) A point outside the production possibilities curve is attainable, but there is not full employment attainable, but there is not optimal allocation unattainable because the economy is inefficient unattainable because of limited resources 4. (TCO1) A basic characteristic of a command system is that wages paid to labor are higher government owns most economic resources free markets are never permitted in a command economy government planners play a limited role in deciding what goods will be produced 5. (TCO 2) Which is consistent with the law of demand? A decrease in the price of tacos causes no change in the quantity of tacos demanded An increase in the price of pizza causes an increase in the quantity of pizza demanded An increase in the price of…

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