The U.S. Treasury is responsible for preparing and submitting the initial budget recommendation to the president
a. True
b. False
Indicate whether the statement is true or false
False
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Use the economic way of thinking to complete the following statement: An entrepreneur who owns his own building
A) enjoys the building as a free good. B) sacrifices rental income he could have been earned on the building. C) enjoys lower costs than other entrepreneurs who choose to rent buildings from others. D) enjoys larger economic profits compared to other entrepreneurs who choose to rent buildings from others.
Assume you and your cousin Vinny set up a partnership and your lawyer tells you that as the owners you will each face unlimited liability. What does that mean?
A) There is no legal responsibility of the business in case a customer sues, as the business is legally untouchable. B) Each of you could stand to lose your personal wealth if the business goes bankrupt. C) You are each liable for organizing the business. D) None of these explain what unlimited liability means.
Ted moves into his first apartment. He buys a barely used washer/dryer set from Craigslist and hires a company to pick it up and deliver it to his apartment. What about this transaction will be counted in GDP?
A. The value of the washer/dryer set B. The value of the delivery service C. The value of the washer/dryer set and the delivery service D. Nothing about this transaction will count toward GDP
The Federal Reserve System is overseen by the _____.
(A) President (B) Department of Commerce (C) Senate (D) Board of Governors