All of the following are characteristics of a proprietorship EXCEPT
A) the business is owned by one individual.
B) one person is responsible for all the debts of the firm.
C) one person gets all of the profits.
D) the firm can form a corporation to protect itself against the debts.
Answer: D
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Fiscal policy in the United States is hampered by its particularly long ________ lag
A) data B) recognition C) legislative D) transmission E) effectiveness
Marginal, average, and total figures are unrelated.
Answer the following statement true (T) or false (F)
Briefly and concisely define the following concepts and terms
a. marginal social cost b. detrimental externalities c. free-rider problem d. cost disease e. "defective telescopic faculty"
During which phase of the business cycle would there most likely be shortages of workers in certain skill areas?
A. Expansion B. Peak C. Trough D. Contraction