The disadvantages of proprietorships include
A) limited liability for the owner.
B) double taxation of business profits.
C) the fact that the proprietorship can continue even after the owner dies.
D) the fact that the proprietor is solely responsible for all the firm's debts.
D
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The key idea of the aggregate expenditure model is that in any particular year, the level of ________ is determined mainly by the level of aggregate expenditure
A) GDP B) frictional unemployment C) export spending D) government spending
The portion of the budget deficit or surplus that would exist even if the economy were at its potential income is called the cyclical deficit or cyclical surplus.
Answer the following statement true (T) or false (F)
The market clearing price is
A) the price which eliminates excess quantity supplied or excess quantity demanded. B) the price which leaves an excess quantity demanded. C) the price which leaves an excess quantity supplied. D) the lowest price at which a positive quantity supplied exists.
The substitution effect
A. is equal to the income effect for a normal good. B. is always smaller than the income effect. C. reduces the quantity demanded of a good when its price increases. D. is always greater than the income effect.