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QUESTION 8 The function of an entrepreneur is to: a. bear business risks. Ob. organize the other factors of production. Oc. i
QUESTION 13 Economists assume that most people a. act purposefully. b. make decision with some expected outcome in mind. c. m
QUESTION 15 Mandating longer sentences for any criminals third arrest will lead to a reduction in crime. Less crime will re
QUESTION 21 Assuming that the demand and supply of a good have moved in opposite directions, but by the same amount, the new
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Answer #1

Answer 8. Option d. all of the above

It is an important duty and responsibility of an entrepreneur to bear business risks for profit making , organize other factors of production and innovate to be in the front of competitors.

Answer 13. Option d. all of the above

All the options given are true in view of an economist about most people.

Answer 15. Option a. contains positive statements only.

Answer 21. Option b. an indeterminate change in price , but no change in quantity exchanged.

This is because , if demand falls and supply increases , the price would fall and quantity exchanged will have no change. While , if demand increased and supply falls , price would rise but there would be no change in quantity exchanged.

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