The term "born with a silver spoon in his mouth" mistakenly implies
A) only monetary endowments allow one to trade with others.
B) only the wealthy are strong negotiators in trade.
C) endowments are physical.
D) endowments differ.
C
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In the long run, the Federal Reserve can control which of the following?
A) the unemployment rate B) the growth rate of real GDP in the economy C) the inflation rate D) the natural rate of unemployment
If demand for a good increases when incomes rise and decreases when incomes fall, the good is called a(n) ______ good.
a. substitute b. normal c. inferior d. complement
The "benefits" from government programs to reduce mismatch unemployment include reduction in
A) private costs such as lost income and erosion of job skills. B) private costs such as lost leisure and lower alcohol consumption. C) social costs such as lower unemployment compensation and welfare payments. D) A and C.
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.