How do a partnership and a corporation differ?
A) Partnerships have unlimited liability while corporations have limited liability.
B) Corporations can issue stocks and bonds, while partnerships cannot.
C) Corporations face more taxes than do partnerships.
D) All of these are differences between the two types of businesses.
Answer: D
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Suppose all firms in a perfectly competitive industry are earning an economic profit. One would expect that, over time, the number of firms in the industry will ________ and the market price will ________.
A. rise; stay the same B. fall; rise C. rise; fall D. rise; rise
Which of the following creates job rationing?
A) The real wage rate is below the equilibrium level. B) The real wage rate is equal to the equilibrium level. C) An increase in unemployment benefits. D) The real wage rate is above the equilibrium level. E) Job search decreases.
When a local grocery store offers discount coupons in the Sunday paper it is most likely trying to
a. reduce prices for all customers. b. encourage literacy. c. encourage arbitrage. d. price discriminate.
Keynesians believe that budgetary restraint should be used to cool an overheated economy.
Answer the following statement true (T) or false (F)