The sole owner of a unincorporated business unable to pay its debts:
a. may be sued by the people to whom the business owes money
b. may be forced to pay them out of his own bank account
c. may be forced to sell his personal property to pay those debts
d. all of these are correct
d
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Suppose Amber Crombie and her husband Fitch spend $1400 this year on healthcare and medicines for the chronic nasal congestion they suffer living next to smelly Lake Lillypad. How does their expenditure affect GDP?
A) It doesn't affect GDP at all. B) GDP would decrease by $1400. C) GDP would increase by $1400. D) GDP would increase by $1400 only if the healthcare and medicines cured their chronic nasal congestion; if it remains uncured, then GDP would remain unchanged.
Significant market power exists in:
A. perfectly competitive markets only. B. oligopoly markets only. C. oligopoly markets and perfectly competitive markets. D. monopoly markets and oligopoly markets.
In the classical model, an increasing demand for labor will
a. cause an expansion with higher employment and a higher real wage. b. cause a shortage of labor because the labor market always clears. c. cause a recession with lower employment and a lower real wage. d. cause a recession because wages are fixed in the short run. e. cause an expansion with lower employment and a higher real wage.
Decreases in the stock of capital will lead to:
A. increases in wages and total GDP. B. decreases in wages and increases in GDP. C. increases in wages and decreases in GDP. D. decreases in wages and GDP.