16) Entrepreneurship differs from the other factors of production because it A)

Question

16) Entrepreneurship differs from the other factors of production because it A) has only existed since the new economy of the 1990s. B) is the most important. C) is not paid. D) is not real. E) is not traded in a factor market.

17) A natural resource is renewable if it A) cannot be replaced once it has been used. B) can be used repeatedly. C) is available at a price of zero. D) never has to rest. E) has a perfectly elastic supply.

18) The supply of labor curve for nurses shifts if A) the value of marginal product of nurses decreases. B) the wage rate paid nurses increases. C) there is an increase in the time spent in nursing school. D) the marginal product of nurses decreases. E) the value of marginal product of nurses increases.

Explanation / Answer

(16)  Entrepreneurship differs from the other factors of production because it is not traded in a factor market. The correct asnwer is option (E).

(17) A natural resource is renewable if it has a perfectly elastic supply. The correct asnwer is option (E).

(18) The supply of labor curve for nurses shifts if the value of marginal product of nurses increases.The correct asnwer is option (E).

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