An entrepreneur is a person who combines the other factors of production - land, labor, and capital - to earn a profit.
<u>Answer:</u>
<em>True.
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<u>Explanation:</u>
The nominal GDP is the estimation of all the last products and enterprises that an economy created during a given year. It is arrived by utilizing the costs that are at present in the year in which the yield is delivered. In financial matters, an ostensible worth is communicated in money-related terms. For instance, a notable quality can change because of movements in amount and cost.
The real GDP is the all-out estimation of the entirety of the last products and ventures that an economy produces during a given year, representing inflation.
Answer:
The seller must be informed when the offer is presented that the depositis a promissory note
Explanation:
A good faith deposit is one that is done by a buyer in which conditions are stated that could result in the loss of deposit by the buyer.
It is a deposit made by the buyer to show he intends to complete the payment later.
In this instance if there is a Goodwill deposit in form of a promissory note, the broker needs to be aware.
So that when he is bringing in a client he will consider the already existing deposit.
Deals that offer more deposit or full payment will be considered and the original buyer discarded.
Answer:
Convenience checks: consumers use these to reduce their available credit in exchange for cash.
Installment loan: consumers make recurring fixed payments.
Introductory interest free: consumers can enjoy a set period of zero interest credit.
Revolving credit: consumers borrow an amount that they don’t have to pay off by a specific date.
Explanation:
In Business, credit can be defined as money or a loan facility agreed upon by a lender and a borrower, who is obligated to repay the lender at a specified date mostly with interest depending on the terms and conditions.
Credit generally decreases assets or increases liabilities and equity on the balance sheet of an organization.
Answer:
$200; $10; $6
Explanation:
(i) Profit is the difference between total revenue and total cost.
Profit = Total revenue - Total cost
= (Average revenue - Average cost) Q
= ($10 - $8) × 100 units
= $200
(ii) Under a perfectly competitive market conditions, the average revenue and marginal revenue are equal and profit maximizing firms under these market conditions producing at a point where marginal revenue is equal to the marginal cost.
Therefore, the marginal cost is equal to $10.
(iii) The average cost is the sum total of average fixed cost and average variable cost.
AC = AFC + AVC
AVC = AC - AFC
= $8 - ($200 ÷ 100 units)
= $8 - $2
= $6
Therefore, average variable cost is equal to $6.
