In the event that the business fails, sole proprietors
a. retain the assets of the business and write off its liabilities
b. lose only those assets associated with the business
c. pass the losses on to the shareholders
d. face unlimited personal liability
e. only lose the value of his/her stock
D
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Applying neoclassical theory to the housing market, ________ cause a decrease in the user cost of housing
A) higher expected household incomes B) higher rates of household formation C) increases in the expected relative price of housing D) tighter constraints on mortgage financing
The most fundamental concept in economics is that
What will be an ideal response?
Suppose the marginal product of labor in the economy is given by MPN = 200 - 0.5 N, while the supply of labor is 100 + 4w.(a)Find the market-clearing real wage rate.(b)What happens if the government imposes a minimum wage of 40? Is there involuntary unemployment?(c)What happens if the government imposes a minimum wage of 60? Is there involuntary unemployment?
What will be an ideal response?
What does it mean for a good to be nonexcludable?
What will be an ideal response?