A defining difference in what makes a firm a sole proprietorship, partnerships, or a corporation is the:
A. profitability of each type of business.
B. number of each type of business.
C. nature of ownership and accountability for each type of business.
D. size of each type of business.
Answer: C
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
What percentage of the world population lives in low-income countries?
a. 10 percent b. 11.8 percent c. 15 percent d. 20 percent
Positive externalities occur when an economic activity has a spillover ______ that ______ affect those directly engaged in the activity.
Fill in the blank(s) with the appropriate word(s).
The ability to produce a good at a lower opportunity cost than others is known as
A) comparative advantage. B) absolute advantage. C) specialization. D) marginal cost production.