ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Why is money not considered to be a capital resource in economics? Why is entrepreneurial ability considered a category of economic resource, distinct from labor? What are the major functions of the entrepreneur?
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- You have exactly $50 to spend on some music. For the albums you are considering, the followin table lists the value to you, in dollars, as well as the price you must pay to acquire it. Album Price Sign of the Times (Prince) $25 Blood on the Tracks (Bob Dylan) $25 What's Going On (Marvin Gaye) $25 Nevermind (Nirvana) $25 Value $60 $67 $98 $85 What is the cost, in dollars, of paying $50 for an autographed copy of BTS' album Map of the So 7? Round your answer to two decimal places and do not enter the currency sign. If you answer is -$1.275, enter 1.28.arrow_forwardWhat are "in-kind" transfers? What would be an example? What are some criticisms made against in-kind transfers?arrow_forwardEverything is made up of the four factors of production. Look at the shirt you have on right now. List the four factors of production and give a specific example of each which might have been used in the production of your shirt. You have to be specific with each factor. You cannot say "resources" or "land".arrow_forward
- Which of the following are ways in which an entrepreneur earns a profit? Check all that apply. a. By exploiting arbitrage opportunities b. By paying wages, interest, and rent to other factors of production c. By making entrepreneurial judgments in the face of uncertaintyarrow_forwardIn what ways are “creative ideas” more/less important than technical ability?arrow_forwardWhat is the opportunity cost of investing in a physical capital?arrow_forward
- What are the main things believe every manager needs to know about microeconomics? Briefly for managerial economics classarrow_forwardExplain how households and firms interact in the factor market and in the product marketarrow_forwardWhen Main Street Bank buys new automatic teller machines, the quantity of land and natural resources labor O physical capital entrepreneurial ability, technology, and ideas in the economy increases.arrow_forward
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