Which of the following assumptions is accurate and should be considered by anyone who wants to start a business? a. business owners don’t have to work as hard as employees, especially in the start up phase. b. business owners need to start by developing a detailed business plan. c. business owners do not need to possess skills related to the business, because they can hire for those skills. d. knowledge or record keeping, finance, and market analysis are not needed by small business owners

As a result of a labeling mistake at the chemical factory, a farmer accidentally sprays weedkiller rather than fertilizer on half her land. as a result, she loses half of her productive farmland. if the property of diminishing returns applies to all factors of production, she should expect to seea. a decrease in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. b. an increase in the marginal productivity of her remaining land and an increase in the marginal productivity of her labor. c. an increase in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor. d. a decrease in the marginal productivity of her remaining land and a decrease in the marginal productivity of her labor.

When immigration adds to the size of the domestic labor pool, which of the following is likely to occur? a. wages decrease. b. productivity increases. c. consumption decreases. d. minimum wage increases.

5. if you were to take a typical payday loan for $150, with an interest rate of 24.5% due in full after two weeks, what is the total amount you would have to repay? a. $186.75 b. $174.50 c. $157.33 d. $153.67