When two or more individuals own a business that does not have a legal existence separate from that of the individuals, it is known as a
a. joint proprietorship.
b. multi-owner corporation.
c. partnership.
d. cooperative.
c. partnership.
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
Which of the following would cause the demand for computer programmers to increase?
a. an increase in the productivity of computer programmers b. a reduction in the price of a competitive input that can be substituted for computer programmers c. a decline in the productivity of computer programmers d. an increase in the wages of computer programmers due to legislative action (that is, the establishment of a price floor for computer programmers)
Automatic stabilizers "lean against the prevailing wind" of the business cycle because:
A. wages are controlled by the minimum wage law. B. federal expenditures and tax revenues change as the level of real GDP changes. C. the spending and tax multipliers are constant. D. they include the power of special interests.
One reason the aggregate demand curve is downward sloping is because of the:
A. interest rate effect. B. welfare effect. C. price effect. D. tariff effect.