How Does the Public Reward Entrepreneurs Who Use Resources Efficiently

question 11

Multiple Choice

How does the public reward entrepreneurs who use resources efficiently to satisfy consumer needs?

• A) With profit
• B) With awards
• C) With praise
• D) With applause
• E) With a pat on the back

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Definitions:

Social Security Tax

A tax levied on both employers and employees to fund the Social Security program, which provides benefits to retirees, the disabled, and children of deceased workers.

Labor Tax

Taxes levied on the wages and income generated from labor, which can affect employment and labor supply decisions in the economy.

Deadweight Loss

A loss of economic efficiency that occurs when the equilibrium outcome is not achievable or not achieved.

University

An institution of higher education and research which awards academic degrees in various academic disciplines and provides both undergraduate education and postgraduate education.