Describe the three main categories of firms
What will be an ideal response?
The three main types of firms are sole proprietorships, where the firm is owned by a single person, partnerships, where the firm is owned by two or more persons, and corporations, where the firm is a legal form of business that provides owners with protection from losing more that their investment in the firm should the business fail.
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The rate of return on bonds is lower than on stocks over time because
A) bond holders cannot diversify. B) bonds have a lower standard deviation in returns. C) stocks have less non-diversifiable risks than bonds. D) bonds are subject to more random risks than stocks.
When is it not necessary to build a new market supply schedule?
(A) When new technology is used to produce a good. (B) When there is a change in input costs. (C) When there is a change in the number of suppliers. (D) When there is a change in the price of a good.
Marginal utility of the second slice of pizza you eat is larger than the marginal utility of the first slice of pizza you eat.
a. true b. false
When the automobile replaced the horse as the primary means of transportation, the unemployment rate of blacksmiths increased. This was an example of
A. cyclical unemployment. B. frictional unemployment. C. seasonal unemployment. D. structural unemployment.