When a business is set up as a sole proprietorship, the owner of the business faces limited liability
Indicate whether the statement is true or false
FALSE
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Writing total output as Q, change in output as ?Q, total labor employment as L, and change in labor employment as ?L, the marginal product of labor can be written algebraically as
A) ?Q ? L. B) Q / L. C) ?L / ?Q. D) ?Q / ?L.
Which of the following government programs will create a shortage?
A. Support prices. B. Ceiling prices. C. Sales tax. D. None of these choices will create a shortage.
(Last Word) Classical macroeconomics was dealt severe blows by:
A. the Great Depression and Keynes's macroeconomic theory. B. the Second World War and the writings of Milton Friedman. C. Adam Smith and his idea of the invisible hand. D. the strong recovery after the Second World War and Alvin Hansen's stagnation thesis.
Refer to the table below, which shows the ranked preferences of voters for three alternative projects, with "1" being the top preference. In a paired-choice vote between a park and a jail:
A. A majority of the voters would favor the jail, 3-to-0
B. A majority of the voters would favor the park, 3-to-0
C. A majority of the voters would favor the jail, 2-to-1
D. A majority of the voters would favor the park, 2-to-1