Sole proprietorships:
a) Are each owned by many individual stockholders.
b) Are the least common type of business firm.
c) Are owned by one individual.
d) Account for most business sales and assets.
Ans: c) Are owned by one individual.
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Economists find the notion of people "needing" things to be
A) supported by the law of demand. B) considered false. C) seriously misleading because they ignore substitutes. D) considered tentatively true until the preponderance of the data suggests otherwise.
If 2014 is the base year, what is the price index for a market basket of goods for 2015 in the above table?
A) 97.3 B) 102.8 C) 128.0 D) Zero, since the price of CDs fell and the price of gasoline increased
Economists who stress the store of value function of money generally
a. argue that M1 is the best measure of the money supply. b. prefer the M2 measure of the money supply to the M1 measure. c. argue that M1 is too broad a definition of the money supply. d. prefer the M1 measure of the money supply to the M2 measure.
Which of the following was a major consideration that underlay the establishment of the European Economic Community?