Limited liability means all members of a partnership are liable for the debts incurred by one another.
Answer the following statement true (T) or false (F)
False
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The proposition that an increase in the federal budget deficit caused entirely by a current tax cut has no effect on aggregate demand is called the
A) Ricardian equivalence theorem. B) interest rate effect. C) indirect effect. D) open-economy effect.
Rate of return regulation is typically imposed on
A) monopolistically competitive firms. B) an oligopoly. C) a natural monopoly. D) perfectly competitive firms.
The price system features
A) exchanges made in currency only. B) voluntary exchange that makes both the consumer and producer better off. C) exchanges made only on a barter basis. D) an exchange in which consumer is made better off and the producer is made worse off.
With the benefits of international trade:
a. there can be increased consumption for all. b. global production will be increased. c. world resources will be used more efficiently. d. all of these are true.