As a form of business, a sole proprietorship
A) has limited liability.
B) has more than one owner.
C) cannot issue stock.
D) has the most government rules and regulations affecting it.
Answer: C
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Opportunity cost exists because
a. technology is fixed at any point in time b. the law of comparative advantage is working c. resources are scarce but wants are unlimited d. the value of lost opportunities varies from person to person e. efficiency is measured by the monetary cost of an activity
If the shifts in AD that will result from policy changes are fully and accurately anticipated, a decrease in government purchases or an increase in taxes would result in which of the following in the short run?
a. a higher level of real output and a higher price level b. a higher level of real output but no change in the price level c. a higher price level and a reduced level of real output d. none of the above.
The Vietnam war, typical of all prolonged wars, resulted in
a. substantial unemployment b. demand-pull inflation c. stagflation d. cost-push inflation e. a recession
One possible result of a fall in aggregate demand coupled with a stable short-run aggregate supply is
A. a recession. B. a rise in the stock market. C. an increase in employment levels. D. an economic expansion.