When a business is owned and operated by a single individual who receives all of the profits and is responsible for all debts, it is known as a
A) partnership.
B) conglomerate.
C) corporation.
D) proprietorship.
Answer: D
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Suppose there are 100 identical firms in the rag industry, and each firm is willing to supply 10 rags at any price. The market supply curve will be a(n)
A) vertical line where Q = 10. B) vertical line where Q = 100. C) vertical line where Q = 1000. D) horizontal line where Q = 1000.
Why is the identification problem more likely with time-series estimates of demand?
What will be an ideal response?
Heteroskedasticity means that
A) homogeneity cannot be assumed automatically for the model. B) the variance of the error term is not constant. C) the observed units have different preferences. D) agents are not all rational.
If the Fed purchases government securities from the public, the
a. money supply will decrease. b. reserves of commercial banks will decrease. c. required reserves ratio will increase. d. monetary base will increase.