Of the types of business organizations in the United States, corporations account for ________ percentage of firms and ________ percentage of profits
A) the smallest; the largest
B) smallest; neither the largest nor smallest
C) neither the largest nor smallest; the largest
D) the largest; the largest
Answer: C
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When a price ceiling is set below the equilibrium price, the quantity supplied ________ the quantity demanded and ________ exists
A) is less than; a surplus B) is less than; a shortage C) is greater than; a surplus D) is greater than; a shortage E) equals; an equilibrium
In a liquidity trap, expansionary monetary policy has __________ effect on output, and expansionary fiscal policy has __________ effect on output
A) no; no B) no; a strong C) a strong; no D) a strong; strong
Money neutrality is violated in which model?
a. new Keynesian model. b. monetarist model. c. real business cycle model. d. classical model. e. both c and d.
Have you ever gone to an auction? You see people bidding against each other for a good, such as an oil painting. As the bidding price inches upward, people drop out of the bidding process. Why? Because for the people dropping out, the
a. ratio of marginal utility to price of the good increases beyond the ratio of other goods b. marginal utility per dollar of the good increases beyond the marginal utility per dollar of other goods c. marginal utility per dollar of the good decreases below the marginal utility per dollar of other goods d. marginal utility of the good falls to zero e. ratio of marginal utility to price of the good falls to zero