Suppose you form a legal partnership with your best friend, and she purchases consulting services calling for a $100,000 fee. Your business is broke, and you never wanted the consultants to work for you, just your partner did. For how much of this debt are you legally liable?
a. none of it
b. $100,000
c. the proportion reflected by the proportion of the business owned
d. only an amount equal to the assets of the business
e. $50,000
B
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Movement along a supply curve implies
A) quantity demanded changes as the price changes. B) supply changes as the price changes. C) suppliers' plans change when the price changes. D) all of the above.
Currency speculators are traders who seek to profit from a(n):
a. shift in global demand and supply patterns. b. increase in the price of oil. c. sudden shift in interest rates. d. exchange rate change by selling the currency expected to appreciate and buying the currency expected to depreciate. e. exchange rate change by selling the currency expected to depreciate and buying the currency expected to appreciate.
The term for an innovative new product or production technology that disrupts the status quo in a market, leading the innovators to earn more income and profits and the other firms to lose income and profits, unless they can come up with their own innovations is called a(n)
a. innovative market change b. disruptive market change. c. productivity market change d. technological market change
Which of the following best describes the aggregate production function if output is measured on the vertical axis and the number of workers employed is measured on the horizontal axis? The curve is
a. downward sloping and becomes flatter as the number of workers employed increases b. downward sloping and becomes steeper as the number of workers employed increases c. downward sloping with the same slope throughout d. upward sloping and becomes steeper as the number of workers employed increases e. upward sloping and becomes flatter as the number of workers employed increases