If the personal assets of the owners can be claimed if the business is bankrupt, the owners are said to have
A) a corporation type of business. B) limited liability.
C) separation of ownership from control. D) unlimited liability.
D
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During this year, nominal GDP in Syldavia was $720 billion and real GDP was $720 billion. The GDP price index in Syldavia in this year was
A) 0, because nominal GDP equaled real GDP. B) 100. C) 720. D) -1. E) 720 billion.
Economic decline (negative growth) is represented on a production possibilities frontier model by the production possibility frontier
A) shifting inward. B) becoming flatter. C) shifting outward. D) becoming steeper.
A firm is using a single variable input, labor, with a given amount of a fixed input, capital. If the level of capital is decreased,
A. the average product curve of labor curve shifts downward. B. the total product curve of labor curve shifts downward. C. the marginal product curve of labor shifts downward. D. all of the above E. none of the above
In general, the substitution effect of an increase in the price of a normal good:
A. will cause the individual to buy more of that good because they have relatively more income. B. will cause the individual to buy less of that good and more of others because it is relatively more expensive. C. will cause the individual to buy less of that good because they have relatively less income. D. will cause the individual to buy more of that good and less of others because it is relatively less expensive.