An advantage of a partnership over a proprietorship is
A. that profits are not taxed twice.
B. the ability to take advantage of greater specialization.
C. limited liability.
D. that it is easier to dissolve.
Answer: B
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Refer to Figure 28-2. Suppose the Fed used contractionary policy to push short-run equilibrium to point C. If the short-run equilibrium remained at point C long enough
A) the short-run Phillips curve would shift up. B) the economy would stay at point C in the long run. C) the economy would move back to point A. D) the short-run Phillips curve would shift down.
In the open-economy Keynesian model, it always has to be true that
a. planned savings equals planned investment. b. planned savings is greater than planned investment. c. planned savings is less than planned investment. d. none of the above.
The tradeoff between equity and efficiency is evident in debates over
a. how progressive our tax code should be. b. how generous our government spending programs should be. c. the debate over international trade policy. d. the debate over labor unions. e. all of the above.
If the marginal productivity of labor was the sole determinant of household income in the U.S., then
a. no households would be poor according to the official government definition of poverty b. no households would be poor according to a relative definition of poverty c. the distribution of income would be unequal d. every household would have sufficient income to meet biological needs e. there would be no need for government programs to redistribute income