According to the permanent income hypothesis _________ and _________ have negative savings.
Fill in the blank(s) with the appropriate word(s).
Young adults; retired adults
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If an indifference curve intersects the budget constraint at two points, then ________
A) the consumer would be equally happy at either of those two points B) optimal consumption is found by moving to a lower indifference curve C) optimal consumption is found by moving to a lower budget constraint D) the consumer will choose the point that minimizes consumption expenditure
Distinguish the laws of demand and supply. How are the laws of demand and supply illustrated graphically?
Once people hear what the majority of individuals like them are doing, they are most likely going to choose:
A. something better, because they typically want to be special. B. something slightly worse, because they don't want to be taken advantage of. C. the same, because they typically don't like to be outliers. D. None of these is likely.
The business structure in which organizations are fictitious legal entities whose formulation complies with specific state laws 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