Which of the following is unique to the corporate form of business organization?
a. hiring and firing workers
b. borrowing funds for expansion
c. production of goods and services
d. limited liability for the firm's debts
e. ability to plow profits back into the firm
D
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Under the assumption of rational expectations, government fiscal and monetary policy changes are effective in the short run
A) all of the time. B) only when the short-run aggregate supply curve is the same as the long-run aggregate supply curve. C) only when the policy changes leave the position of the aggregate demand curve unaffected. D) only when the policy changes are unanticipated.
Suppose that when price is $10, quantity supplied is 20 . When price is $6, quantity supplied is 12 units. The price elasticity of supply is:
a. 0.5. b. 0.8. c. 1.0. d. 1.5. e. 2.0.
The most plausible reason why changes in the price of cotton can cause shifts in the supply curve for tobacco is:
a. cigarette smokers often wear cotton shirts. b. when incomes rise, people consume more cotton and tobacco. c. firms can switch from growing tobacco to cotton and vice versa. d. tobacco is an input in the production of cotton. e. cotton and tobacco are unrelated markets in all ways.
Which of the following occurs when a market is in equilibrium?
A) quantity supplied is equal to quantity demanded B) supply is equal to demand. C) the price of the good will tend to rise, all else held constant. D) the price of the good will tend to fall, all else held constant.