The nominal rate of interest is any rate of interest below 3 percent
a. True
b. False
Indicate whether the statement is true or false
False
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Satellite TV is a close substitute for cable TV. In the 1990s, small satellite TV units were developed that made it less costly for individual consumers to subscribe to satellite TV service. This caused the price elasticity of demand for cable TV service to:
A. shift to the left. B. become more inelastic. C. become more elastic. D. become less elastic.
A proprietorship is a firm with
A) two or more owners who both have unlimited liability. B) a single owner who has limited liability. C) a single owner who has unlimited liability. D) many owner all of whom have limited liability.
Wealth in a variety of forms such as cash, assets, real estate, and accounts receivable is called
a. stock b. flow c. assets d. b and c e. all of these
Which of the following constitutes an implicit cost to the Johnston Manufacturing Company?
A. Payments of wages to its office workers. B. Rent paid for the use of equipment owned by the Schultz Machinery Company. C. Use of savings to pay operating expenses instead of generating interest income. D. Economic profits resulting from current production.