The business structure that receives some of the benefits of corporations and of partnerships without some of the drawbacks of typical corporation creation is known as a
a. sole proprietorship
b. general and limited partnership
c. subchapter S corporation
d. C corporation
e. limited liability corporation or partnership
e. limited liability corporation or partnership
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Classical growth theory argues that when real GDP per person rises above the subsistence level
A) technological change slows down, stagnating the economy. B) population growth increases, driving real GDP per person back to subsistence level. C) people don't want to work as much, decreasing labor supply. D) the economy enjoys a period of permanent growth.
For a monopsony, the marginal cost of labor exceeds the wage rate because the firm must increase the wage it pays to all of its workers if it wishes to increase its employment
Indicate whether the statement is true or false
In China, beef is considered a:
A) luxury. B) necessity. C) close substitute for chicken. D) none of the above.
When you are hungry, you receive the most satisfaction from the first apple and less satisfaction from each additional apple. What explains this?
a. income effect b. substitution effect c. law of elasticity of demand d. law of diminishing marginal utility