A business can have more than two partners
Indicate whether the statement is true or false
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All of the following are preconditions for economic growth EXCEPT
i. property rights. ii. democracy. iii. free markets. A) i only B) ii only C) iii only D) Both i and ii E) i, ii, and iii
Assumptions are necessary to
A. define the specific cause and effect relationship that is being explained by social sciences. B. define a set of circumstances where a model is most likely to apply. C. make economics a social science. D. define the relationship between wants and resources under all circumstances.
If the generic production function Q=f(K,L) displays increasing returns to scale, the value of K is fixed in the short run, and the prices of all inputs are held constant, then
A. the long-run average cost curve must be strictly increasing. B. the short-run and the long-run average cost curves will coincide. C. the long-run average cost curve must be strictly decreasing. D. the short-run average cost curve must be strictly decreasing.
One reason lenders may require a large net worth before making a loan is because:
A. it tells the lender the firm has good employees. B. it is one way to treat the problem of moral hazard. C. then the borrower does not need the funds. D. banking laws require firms have significant net worth before a bank can make a loan.