All of the following are characteristics of a proprietorship EXCEPT
A. the firm can form a corporation to protect itself against the debts.
B. one person is responsible for all the debts of the firm.
C. the business is owned by one individual.
D. one person gets all of the profits.
Answer: A
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A recession is commonly defined as a period with
A) negative growth rate in real GDP that lasts at least one quarter. B) positive growth rate in real GDP that lasts at least one quarter. C) positive growth rate in real GDP that lasts at least two quarters. D) negative growth rate in real GDP that lasts at least two quarters.
Crowd funding can best be described as:
A) raising funds in a very large market B) raising small amounts of money from large numbers of people C) many firms competing for the same source of funds D) making funds available for a large number of business start ups
Refer to Figure 11.2. Assume the economy is in equilibrium at 1, where real GDP equals potential GDP, and then the economy experiences a positive demand shock. Other things equal, the positive demand shock is best represented by a(n)
A) movement up along the Phillips curve. B) movement down along the Phillips curve. C) upward shift of the Phillips curve. D) downward shift of the Phillips curve.
In calculating income for the Lorenz curve, one factor that is omitted, is
A) capital gains income. B) dividend payments. C) in-kind transfer payments from the government. D) pure economic rent.