Which type of business organization is the most important part of U.S. history given its "super" economic powers?
(a) Sole proprietorship
(b) Partnership
(c) "Mom and pop" business, which is a mix of sole proprietorships and partnerships
(d) Corporation
(d)
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In both monopolistic competition and perfect competition,
A) firms sell identical products. B) there is easy entry and exit. C) firms are price takers. D) firms face horizontal demand curves. E) the marginal revenue curve and the demand curve are the same.
The formula for the effect of any change in autonomous spending, ?A, where b equals the MPC is
A) ?Y = ?A [1/(1 - b)]. B) ?Y = ?A [b/(1 - b)]. C) ?Y = ?A [1/(1 + b)]. D) ?Y = ?A [b/(1 + b)].
The basic difference between macroeconomics and microeconomics is:
What will be an ideal response?
The value of the slope of a society's production possibility frontier is called its
A. unemployment rate. B. marginal rate of substitution. C. inflation rate. D. marginal rate of transformation.