Entrepreneurs are unnecessary in a market economy, and their profit is unearned.
Answer the following statement true (T) or false (F)
False
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The long-run Phillips curve is a
A) straight line with a 45 degree slope showing the long-run relationship between the inflation rate and the expected inflation rate. B) vertical line that shows the relationship between inflation and unemployment when the economy is at full employment. C) vertical line indicating a positive relationship between inflation and unemployment. D) horizontal line indicating a positive relationship between inflation and unemployment. E) horizontal line that shows the relationship between inflation and unemployment when the economy is at full employment.
Suppose you own a proprietorship that is in serious financial difficulty. The assets of the company are $100,000 . but liabilities are $175,000 . You also have, however, stock in General Motors worth $200,000 . If you file bankruptcy, what amount of personal assets do you stand to lose?
a. $100,000 b. $75,000 c. $200,000 d. $275,000 e. $375,000
Along the supply? curve, _______.
A. the quantity supplied increases as the price rises because technology advances B. the quantity supplied increases as the price rises because the prices of factors of production rise C. the quantity supplied increases as the price rises because the prices of substitutes in production also rise D. the price changes but all other influences on? producers' planned sales remain the same
At equilibrium, if quantity supplied is 16, quantity demanded
A. is less than 16. B. is 16. C. is more than 16. D. cannot be found without more information.