Which of the following is the most common form of business organization in the United States?
A) proprietorship
B) partnership
C) corporation
D) S-corporation
A
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Business cycles disappear when firms
A) hold nominal wages constant as nominal demand changes. B) hold prices constant as nominal demand changes. C) change prices proportionately with nominal demand changes. D) change wages proportionately with nominal demand changes.
If labor supply decreases, what will happen to the real wage rate, employment, and real output, assuming no change in labor demand?
a. The real wage will increase, employment will decrease, and real output will increase. b. The real wage will decrease, employment will decrease, and real output will increase. c. The real wage will increase, employment will decrease, and real output will decrease. d. The real wage will increase, employment will increase, and real output will increase. e. The real wage will decrease, employment will increase, and real output will increase.
Money market mutual funds are included in
a. M1 but not M2. b. M1 and M2. c. M2 but not M1. d. neither M1 nor M2.
The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$1,100$1,000$10,00021,2501,40010,20031,4501,45010,50041,6001,50010,90051,8001,55011,200Refer to the above data. In which year is there a budget surplus?
A. Year 1 B. Year 2 C. Year 3 D. Year 4