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1. The value input is the total revenues received by the entrepreneur while the value of output is the total costs incurred in the exercise of the business.

1. The value input is the total revenues received by the entrepreneur while the value of output is the total costs incurred in the exercise of the business.

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please help me answer all of these.

True or False 1. The value input is the total revenues received by the entrepreneur while the value of output is the total costs incurred in the exercise of the business. 2. Nominal interest rate is the interest rate adjusted for inflation. Supply of land is perfectly elastic. 3. Payments made to entrepreneurs as the return on their risk taking is called normal profits 4. Interest rates do not affect the level of production of investment good. 5. Market niche is defined as a segment of the market that demands a commodity that is slightly differentiated from other commodities. 6. Profit is a form of wage income. 7. The quantity of loanable funds supplied in the market increases as the 8. interest rate decreases. 9. Economists define rent as the amount a person pays to the landlord. 10. Location rents for stores in remote areas would increase as malls would be built around its outskirts.
Transcribed Image Text:True or False 1. The value input is the total revenues received by the entrepreneur while the value of output is the total costs incurred in the exercise of the business. 2. Nominal interest rate is the interest rate adjusted for inflation. Supply of land is perfectly elastic. 3. Payments made to entrepreneurs as the return on their risk taking is called normal profits 4. Interest rates do not affect the level of production of investment good. 5. Market niche is defined as a segment of the market that demands a commodity that is slightly differentiated from other commodities. 6. Profit is a form of wage income. 7. The quantity of loanable funds supplied in the market increases as the 8. interest rate decreases. 9. Economists define rent as the amount a person pays to the landlord. 10. Location rents for stores in remote areas would increase as malls would be built around its outskirts.
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