Question

plesse answer only the odd numbers

Principles of Macroeconomics Chapter 3 Demand, Supply, and Market Equilibrium 3.1 Firms and Households: The Basic Decision-Making Units 1) Michael Dell was the first individual who sold computers by mail order. The company founded by Dell companies in the United States. Michael Dell is now one of the largest and most successful computer would be classified as a(n) A) entrepreneur B) opportunist C) monopolist. D) socialist. 2) Firms are organizations that A) take advantage of the public. B) transform resources into products. C) transform outputs into inputs. D) demand consumer outputs 3) An entrepreneur is a person who does allof the following excorpt A) assumes the risk of a firm. B) organizes and manages a firm C) turns a new idea or product into a business. D) always makes a profit 4) Why do firms engage in the activity of production? A) to help society advance technologically B) to participate in the circular flow C) to acquire profits D) to develop a supply schedule 5) Mary Kay Ash was one of the first individuals who sold cosmetics directly to customers via independent sales representatives. The company founded by Mary Kay is now one of the largest and most successful cosmetics companies in the world. Mary Kay Ash would be classified as a(n) A) entrepreneur B) opportunist C) monopolist. D) socialist. 3.2 Input Markets and Output Markets: The Circular Flow 1) In input, or factor, markets, A) consumers purchase products. B) firms supply goods. C) households supply resources D) households demand goods.

Answer 1

Accordingto the givenDel would be clasified as an entrepiceneur Entrepreneuris the person who starts the business by taking the risk. One of the main characters of an entrepreneur is, he will innovate the new ideas, new products, new production techniques etc. Thus, in the given infomation, Micheal Dell was the first person who sold the computers by mail order. Thus, he innovate the new marketing technique for sales. Thus, the option A is correct. Fims are organizations hat tansform resoures into products Thus, the option B is correct. Explanation Firms play an important role for the production process. Thus, production refers to transform the inputs into output. 3.

An entrepreneur will not make the profit always, because one of the features of entrepreneur is, he takes risk. This means, he can get the profit or loss. Thus, the option D is correct. 4. Firms engage in the activity of production to acquire profits. Thus, under perfect competition andother markets where entry and exit of firms are free, firms will enter into the industry when there are profits in the market for that good and exit from the market when there are losses for that good. Thus, the option C correct.l

5. Mary Kay Ash would be classified as an entrepreneur, because he innovate the new marketing technique Thus, the option A is correct. 3.2 In input, or factor, markets, households supply resources Thus, the option C is correct.