Which of the following is NOT a legal organization of a firm?
A) corporation
B) partnership
C) entrepreneurship
D) proprietorship
Answer: C
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Which of the following would contribute to a sustained high rate of economic growth in the long run in an economy?
A) an influx of immigrant labor into an economy without any accompanying technological change B) a shift of workers in the economy from the agricultural sector to the nonagricultural sector C) increases in labor force participation rates as workers who are out of the labor force pursue rising wages D) growth in capital per hour worked accompanied by technological change
Which of the following is a normative statement?
A. College tuition rates are rising. B. Twenty-eight percent of U.S. adults have a bachelor's degree. C. The average income of a college graduate exceeds that of the average high school graduate. D. State governments should pay for the first two years of college at public institutions.
If some resources went to waste rather to use in production, the economy would operate outside its production possibility curve
a. True b. False Indicate whether the statement is true or false
The simple circular flow model shows that workers and capital-owners offer their services to firms through the:
A. Product markets B. Resource markets C. Employment agencies D. Government agencies