The sole owner of an unincorporated business unable to pay its debts
A. may be sued by the people to whom the business owes money.
B. may be forced to pay them out of the owner’s own bank account.
C. may be forced to sell the owner’s personal property to pay those debts.
D. All of these responses are correct.
Answer: D
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Refer to Figure 16-1. Suppose the economy is in short-run equilibrium below potential GDP and Congress and the president lower taxes to move the economy back to long-run equilibrium. Using the static AD-AS model in the figure above, this would be depicted as a movement from
A) A to B. B) C to B. C) A to E. D) B to A. E) B to C.
Improvements in labor productivity
A) affect the level of wages, but do not affect the rate of economic growth. B) affect the level of profit, but do not affect the rate of economic growth. C) hinder economic growth, because they cause unemployment. D) contribute to economic growth.
In the Keynesian aggregate expenditures model, "aggregate expenditures" refer to:
a. the amount of GDP that could be produced if unemployment were zero. b. the combined expenditures of consumers, businesses, governments, and foreigners (net exports). c. the amount of demand for consumer goods that would arise if all citizens had all the income they wanted. d. consumer spending measured in constant prices.
Suppose the equilibrium price in a competitive price-taker market is $10 and a firm in the industry charges $9 . Which of the following is true?
a. The firm will not be able to sell any output. b. The firm will sell less output than its competitors. c. The firm will make more profit than it could at the $10 price. d. The firm will make less profit than it could at the $10 price.