The type of uncertainty that is in operation when an entrepreneur takes a gamble on an as yet non-existent market is

called ambiguity.

True

False

What is the primary difference between a static budget and a flexible budget? a. The static budget is constructed using input from only upper level management, while a flexible budget obtains input from all levels of management. b.

Under normal conditions (70% probability), Plan A will produce a $20,000 higher return than Plan B. Under tight money conditions (30% probability), Plan A will produce $100,000 less than Plan B. What is the expected value of return?

Medlock Company sold inventory on credit for $3,000, terms 2/10, n/30. The cost of the merchandise to Medlock was $2,400. How much cash will Medlock receive if payment is received within the discount period?

How did the influential economist John Maynard Keynes explain his remark that though economics is an easy subject compared with the higher branches of philosophy or pure science, it is a subject at which few excel?

The Alphonse Company allocates fixed overhead costs by machine hours and variable overhead costs by direct labor hours. At the beginning of the year the company expects fixed overhead costs to be $600,000 and variable costs to be $800,000.

For each of the goods, identify the characteristics that describe each good. Note that each good will be described with two characteristics. Rivalrous is also referred to as rival in consumption.

What is production technology and how does it differ from a production function? A. It is a function showing the highest output that a firm can produce for every specified combination of inputs, while the production function shows the minimum output

The lowest school dropout rate in the united states in 2008 occurred for:

One reason buy a home instead of rent a home is

Department is related to organization as employee is related to Which of the following? Perforarmance Subordinate Coworker Supervisor Team