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
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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
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
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.
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