Which of the following businesses have limited liability?
A) Mainline Texaco, a gas station downtown with Frank Jones as proprietorship
B) Fakker, Chayse, and Blaimm, partners in medical malpractice law
C) StrideRite Shoe Company, Inc., a corporation that produces shoes
D) Both answers B and C are correct.
C
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A good is rival in consumption if:
a. the supplier of that good can prevent people who do not pay from consuming it. b. the supplier of that good cannot prevent people who do not pay from consuming it. c. the same unit of the good cannot be consumed by more than one person at the same time. d. there is no free-rider problem.
Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one disadvantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would be taxed twice. B) As a sole proprietor, Jeremy would not have control of the business. C) As a sole proprietor, Jeremy would face unlimited liability. D) As a sole proprietor, Jeremy would be subject to significant rules and regulations.
Many people perceive erroneously that most macroeconomists spend a lot of time engaged in
A. forecasting. B. macroeconomic research. C. data development. D. macroeconomic analysis.
In economics, the term that refers to the time, effort, and other resources needed to search out, negotiate, and consummate an exchange is
a. transaction costs. b. specialization costs. c. pecuniary costs. d. comparative costs.