A proprietorship is a business
A) with annual sales below $100,000.
B) in which the stock of the company is closely held by members of one family.
C) which produces a service rather than goods.
D) owned by one individual who is responsible legally for the debts of the firm.
Answer: D
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The returns to scale in the production function Y = K0.5 L0.5 are:
A. decreasing. B. constant. C. increasing. D. subject to wide fluctuations.
Refer to Figure 24.3. Which of the following statements is true about the price elasticity of demand at price P2?
A. The price elasticity is inelastic. B. The price elasticity is zero. C. The price elasticity is unitary. D. The price elasticity is elastic.
Refer to Table 11.1. What is the value of the marginal propensity to import?
A) 0.15 B) 0.25 C) 0.6 D) 0.9
The ________ of something is the gain or pleasure that it brings
A) rational margin B) marginal cost C) benefit D) opportunity cost E) rational choice