A proprietorship is a business

A) with annual sales below $100,000.
B) in which the stock of the company is closely held by members of one family.
C) which produces a service rather than goods.
D) owned by one individual who is responsible legally for the debts of the firm.


D

Economics

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In a market-based economy, what is the role of a system of prices?

A. To create abundance and surpluses B. To make goods and services too expensive. C. To address the problem of scarcity D. To create shortages

Economics

A voting procedure in which the alternative that receives the most votes wins, even if that alternative does not receive a majority of the votes, is known as the

A) Borda-count method. B) Condorcet method. C) instant runoff method. D) plurality-rule method

Economics

Suppose equilibrium real GDP is currently at $800 billion and investment is $100 billion. If an increase in the interest rate reduces investment from $100 billion to $75 billion, and the MPC is 0.8, the new level of equilibrium real GDP will be:

a. $500 billion. b. $600 billion. c. $675 billion. d. $775 billion. e. $800 billion.

Economics

When ________, the price level rises, inventories decrease and firms respond by increasing output and employment.

A. aggregate demand increases B. aggregate supply decreases C. aggregate demand decreases D. aggregate supply increases

Economics