A legal entity that may conduct business in its own name just as an individual does is a(n)
A) corporation.
B) entrepreneur.
C) proprietorship.
D) partnership.
Answer: A
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Suppose that a market for a product is in equilibrium at a price of $5 per unit. At any price above $5 per unit
A) there will be an excess demand for the product. B) there will be a shortage of that product. C) there will be an excess supply of the product. D) the quantity supplied of the product will be less than the quantity demanded of that product.
A bank has $400 in checkable deposits, $800 in savings deposits, $700 in time deposits, $900 in loans to businesses, $300 in outstanding credit card balances, $500 in government securities, $10 in currency in its vault, and $20 in deposits at the Fed
. The bank's deposits that are part of M1 are equal to A) $1,210. B) $1,900. C) $400. D) $410. E) $530.
Refer to Figure 8.1. Holding other variables constant, an improvement in technology will result in a
A) shift from curve D1 to curve D2. B) shift from curve D2 to curve D1. C) movement from point A to point B. D) movement from point B to point A.
One problem associated with the gold standard was that
A) nations gave up control of their money supply. B) there was an incentive for individuals to hold gold at all interest rates. C) there was no fluctuation in exchange rates. D) nations could not determine their current account balances.