One advantage of a sole proprietorship over a partnership is:
A. greater ease of obtaining financing.
B. limited liability.
C. direct control by the owner.
D. the ability to share the work and risks of business.
Answer: C
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What a buyer pays for a unit of a specific good or service is called:
a. debit. b. MSRP. c. cost. d. price.
The recessionary phase of the business cycle is characterized by
a. decreasing real output and increasing unemployment. b. decreasing real output and declining unemployment. c. increasing real output and increasing unemployment. d. increasing real output and declining unemployment.
Suppose the own price elasticity of demand for good X is ?0.25, and the quantity of good X increases by 5 percent. What would you expect to happen to the total expenditures on good X?
A. Remain unchanged B. Decrease C. Increase D. Neither increase, decrease nor remain unchanged
Refer to the information provided in Table 24.3 below to answer the question(s) that follow.
Table 24.3
Refer to Table 24.3. At the equilibrium level of income, leakages equal ________ billion.
A. $0 B. $200 C. $400 D. $600