Which of the following is NOT an advantage of a proprietorship?
A) They are easy to form and dissolve.
B) Decision-making resides with one person—the owner.
C) Liability of the owner is unlimited.
D) Profits are only taxed once.
Answer: C
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If there are five goods in a barter economy, one needs to know ten prices in order to exchange one good for another
If, however, there are ten goods in a barter economy, then one needs to know ________ prices in order to exchange one good for another. A) 20 B) 25 C) 30 D) 45
If the exchange rate value of one U.S. dollar changes from 120 Japanese yen to 140 yen,
a. the U.S. dollar has appreciated relative to the yen. b. the Japanese yen has depreciated relative to the dollar. c. the U.S. dollar has depreciated relative to the yen. d. both a and b have occurred.
The profit-maximizing firm will operate at an output of ______.
A. OI
B. OJ
C. OK
D. OL
A firm's isocost line shifts parallel inward from the original isocost line as its
A. total cost for capital and labor increases. B. total cost for capital increases and its total cost for labor decreases. C. total cost for capital decreases and its total cost for labor increases. D. total cost for capital and labor decreases.