Most businesses in the world start as
a. sole proprietorships
b. general and limited partnerships
c. subchapter S corporations
d. C corporations
e. limited liability corporations or partnerships
a. sole proprietorships
You might also like to view...
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
An industry in which the firm's cost structures do not vary with changes in production will have a long-run supply curve that
A. is perfectly elastic. B. slopes downward. C. is perfectly inelastic. D. slopes upward.
The long run is the period of time during which: a. real wage is exactly equal to nominal wage. b. inflation is zero
c. excess aggregate demand leads to a shortage. d. real wages are constant. e. all resource prices can be varied.
The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a(n) ____ economic statement, and the labor head's statement is a(n) ____ economic statement
a. normative; normative b. normative; positive c. positive; normative d. positive; positive e. proper; improper