A firm that has two or more owners who share decision-making power as well as the firm's profits is called
A) a corporation.
B) a joint-stock company.
C) a partnership.
D) a non-profit organization.
E) a single proprietorship.
Ans: C) a partnership.
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The income earned by entrepreneurs is
A) profit or loss. B) wages. C) interest. D) rent, wages, and interest. E) a mixture of rent, wages, interest, and profit.
When deciding how much to save, people care most about
a. after-tax nominal interest rates. b. after-tax real interest rates. c. before-tax real interest rates. d. before-tax nominal interest rates.
If the CPI is 112 in Year Z, then it costs _______ in Year Z to buy the same market basket that cost _______ in the base period.
A. $112; $100 B. $12; $100 C. $100; $112 D. $112; $12
Which of the following statements is true?
a. If price decreases and demand is relatively elastic then the total expenditure by consumers will decrease. b. If price increases and demand is relatively inelastic then the total expenditure by consumers will decrease. c. Total expenditure by consumers is constant along a linear demand curve. d. All of the above. e. None of the above