Inside information
A) applies to proprietorships only.
B) applies to proprietorships and partnerships only.
C) applies to corporations only.
D) applies to all forms of business.
Answer: C
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Distinguish between a change in quantity supplied and a change in supply
What will be an ideal response?
The proposition that decreases in taxes that raise the government budget deficit has no effect on aggregate demand is called the
A) open-economy effect. B) federalism effect. C) Ricardian equivalence theorem. D) interest-rate effect.
A cottage industry is one that
a. produces rural housing b. takes advantage of the division of labor c. uses highly specialized resources in a complex production process d. produces cottage cheese e. carries out production in workers' homes
A recessionary gap implies that
A. Aggregate demand exceeds aggregate supply at the full-employment price level. B. Inventories are being depleted faster than producers desire. C. The unemployment rate is falling. D. Aggregate demand is less than aggregate supply at the full-employment price level.