A difference between a proprietorship and a partnership is that
A) a proprietorship is easy to form while a partnership is hard to form.
B) a proprietorship has only one owner while a partnership has only two owners.
C) a partnership allows for specialization while a proprietorship does not.
D) the profits in a proprietorship are taxed only once while in a partnership they are taxed twice.
C
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If we compare the four sources of spending in the economy we see that
A) household consumption is the smallest. B) government expenditure is the largest. C) business investment is the largest. D) household consumption is the largest.
The fundamental force driving international trade is comparative _______
A. advantage: a country exports those goods that have high prices B. abundance: the country that produces more than it needs exports the good C. advantage: the country with the lower opportunity cost of production exports the good D. cost: a country trades with other countries that produce cheaper goods
For identical cost conditions, the long-run equilibrium price under any form of imperfect competition is ____ than the long-run equilibrium price in perfect competition because of ____.
a. higher; perfectly elastic demand in imperfect competition. b. higher; less than perfectly elastic demand in imperfect competition. c. lower; perfectly elastic demand in imperfect competition. d. lower; less than perfectly elastic demand in imperfect competition.
An increase in the price of product A will:
A. increase the demand for complementary product C. B. increase the demand for substitute product B. C. reduce the demand for resources used in the production of A. D. reduce the demand for substitute product B.