If a business is run as a sole proprietorship,
a. it is not allowed to borrow money
b. the financial liability of the owner is limited to the amount invested in the business
c. all of the profits earned in the business flow to the proprietor
d. at least two persons are involved in all management decisions
e. it cannot hire nonfamily members to work in the business
C
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A person 16 years or older who does not work, but is actively looking for work, is officially classified as:
A. chronically unemployed. B. employed. C. out of the labor force. D. unemployed.
Models of growth that account for technological progress are part of
A) creative destruction theory. B) growth accounting. C) new growth theory. D) all of the above.
"A shortage is the same thing as scarcity." Do you agree or disagree with this statement? Why? What can cause a shortage to disappear in a market? What can cause scarcity to disappear?
What will be an ideal response?
Keynes believed the government should
a. control wages and prices to ensure full employment. b. ensure that workers earned high wages and full employment. c. ensure that aggregate demand was high enough to ensure full employment. d. ensure aggregate demand was high enough to control the economy.