Which of the following is the most common form of a business organization?
A. sole proprietorship
B. corporation
C. partnership
D. subchapter S corporation
Answer: A
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An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
The dominant school of economic thought from the 1930s into the 1960s was __________.
Fill in the blank(s) with the appropriate word(s).
Adam Smith said to never attempt to make at home what it will cost more to make than to ____________.
Fill in the blank(s) with the appropriate word(s).
Refer to Figure 13-19 to answer the following questions
a. What is the productively efficient output? b. What is the allocatively efficient output? c. What is the amount of excess capacity? d. Suppose the firm is currently producing 14 units. What happens if it increases output to 17 units?