One disadvantage of a partnership is
A) limited liability.
B) lower monitoring costs.
C) difficulty raising funds.
D) it permits greater specialization.
C
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The income generated from the sale of the goods and services produced in the economy and paid to the individuals and businesses who supply the factors of production is called:
A) GDP. B) GNP. C) national income. D) NNP.
A firm employs 100 workers at a wage rate of $10 per hour, and 50 units of capital at a rate of $21 per hour. The marginal product of labor is 3, and the marginal product of capital is 5. The firm
A) is producing its current output level at the minimum cost. B) could reduce the cost of producing its current output level by employing more capital and less labor. C) could reduce the cost of producing its current output level by employing more labor and less capital. D) could increase its output at no extra cost by employing more capital and less labor. E) Both B and D are true.
Corrective taxes
a. encourage consumers to avoid sales taxes by shopping online. b. are frequently used to discourage imports. c. are less efficient than direct regulation. d. give factory owners an economic incentive to reduce pollution.
Small differences in annual growth rates accumulate into:
A. Small differences in GDP. B. Large differences in GDP. C. A leftward shift of the aggregate demand curve. D. An increase in population.