Explain the difference between a sole proprietorship and a partnership
What will be an ideal response?
A sole proprietorship is a firm owned by one person, whereas a partnership is a firm owned by two or more persons.
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In a 2-good model, if individuals in a group all have tastes that are quasilinear in good 1, then we can treat the group as if it was a single representative consumer.
Answer the following statement true (T) or false (F)
If additional units of a good could be produced at a constant opportunity cost, the production
possibilities frontier would be bowed outward (concave). Indicate whether the statement is true or false
Higher wages that compensate workers for unpleasant aspects of a job are called compensating differentials
Indicate whether the statement is true or false
The poverty rate in the United States has been growing for people over age 65.
Answer the following statement true (T) or false (F)