Please help me answer all of these. True or False1. The value input is the total revenues received by the entrepreneur while the value of output isthe 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 profits4. 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 slightlydifferentiated from other commodities.6. Profit is a form of wage income.7. The quantity of loanable funds supplied in the market increases as the8. 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 itsoutskirts.

Answered: 1. The value input is the total…

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

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ISBN:9780190931919

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Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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.

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