1. Knowledge about how to produce is called capital technology human capital ent

Question

1. Knowledge about how to produce is called capital technology human capital entrepreneurship Occam's Razor b. C. e. 2. When economists say people behave rationally, they mean people a. spend a lot of time thinking about their decisions b. don't let their subjective preferences count when making decisions analyze costs and benefits and act in their own self interest have impeccable logic d. 3. Suppose you have $5 to spend for lunch. You can either buy two hot dogs for $2.50 each or one hamburger for $5. If your marginal benefit from eating one hot dog is always 20 units of pleasure and your marginal benefit from eating one hamburger is always 35 units of pleasure, which option has the highest net benefit? athe hotdogs b. c. the hamburger both options have the same net benefit 4. In the circular flow model, businesses are on the a.demand side of all markets bsupply side of all markets c. demand side of the goods market and supply side of the resource market d. supply side of the goods market and demand side of the resource market 5. In the circular flow model, the money flowing from the goods markets to the business sector is called a. consumption expenditure b. cost of production c. income d. revenue e. supply

Explanation / Answer

1. Option d.

2. Option c.

3. Option a.

4. Option d.

5. Option d.

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