Unlimited liability exists when
A) the profits of the firm are taxed once.
B) a firm dissolves when the owner dies.
C) a corporation exists.
D) the personal assets of the owner of a firm can be seized to pay off the firm's debts.
D
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Define the following terms completely and concisely
a. marginal revenue b. average revenue c. optimal decision d. satisficing e. marginal profit
In 2015, imports made up ________ percent of the U.S. economy.
A. 17 B. 5 C. 1 D. 14
A local electricity-generating company has a monopoly that is protected by an entry barrier that takes the form of
A) a perfectly inelastic demand curve. B) economies of scale. C) control of a key raw material. D) network externalities.