Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one advantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would face limited liability.
B) As a sole proprietor, Torrie would have the ability to share risk with shareholders.
C) As a sole proprietor, Torrie would have both ownership and control over the business.
D) All of the above would be advantages of setting up her business as a sole proprietorship.
Answer: C
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The labor force participation rate of women in the United States has been
a. increasing for several decades and this has strongly affected GDP. b. decreasing for the past several decades after increasing dramatically in the early 1900s. c. approximately constant during the last three decades. d. decreasing since the early 1900s.
Which of the following is an example of a fixed cost?
A. Rent B. Insurance premiums C. Contract salaries D. All of these choices are fixed costs.
Refer to the information provided in Figure 15.2 below to answer the question(s) that follow. 
Figure 15.2 Refer to Figure 15.2. In this monopolistically competitive industry, in the long run
A. demand for the product will decrease so that profits are decreased. B. the government will impose price controls to eliminate any economic profits. C. firms will continue to earn economic profits. D. firms will enter until all firms earn a normal profit.
Lags in the policy-making process come from:
A. lack of understanding the current state of the economy. B. the process of deciding on and passing legislation. C. the time it takes for policy to have an impact on the economy. D. All of these are true.