A business is likely a sole proprietorship if:
A. it is legally treated as a person and owned by stockholders who are liable for the actions of the corporate "person."
B. it has only one owner who has unlimited liability.
C. multiple owners are liable only to the extent of their own investment.
D. it has two or more owners, with each owner liable for every other owner's actions.
Answer: B
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Suppose that the production function for the economy is Y = AK1/4L3/4. Assume that real GDP is $8,000 billion, capital stock is $32,000 billion, and the labor supply is 120 million (or 0.120 billion) workers
Total factor productivity for this economy is A) 16.50 B) 1,016.52 C) 2,083.33 D) 2,933.65
The consumption theories proposed by Modigliani and Friedman suggest that during recessions consumers reduce
A) consumption and maintain saving. B) saving and maintain consumption. C) consumption and saving. D) consumption and investment.
One method unions use to ration available jobs among excess workers is
A) lengthy apprenticeships. B) to hire only white collar workers. C) collective bargaining. D) refuse to unionize.
Between 1970 and 2000, if the Fed had tried to hit the money growth targets:
A. the interest rates would have likely been more stable. B. the federal funds rate would have changed often and by large amounts. C. the economy would have likely experienced very high inflation. D. the economy would have likely experienced very high inflation but the interest rates would have likely been more stable.