Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one advantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would have the ability to share risk with shareholders.
B) As a sole proprietor, Jeremy would have both ownership and control over the business.
C) As a sole proprietor, Jeremy would face limited liability.
D) All of the above would be advantages of setting up his business as a sole proprietorship.
B
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The labor force is the
A) total population divided by the number of employed people. B) number of employed people plus the number of unemployed people. C) working-age population minus the number of unemployed people. D) number of employed people minus the number of unemployed people. E) number of employed people in the working-age population.
At a price of $50 for a CD player, firms are willing to produce and sell 2200 CD players. At a price of $70 for a CD player, firms are willing to produce and sell 2600 CD players. What is the price elasticity of supply in this range? (Use arc elasticity.)
a. 2 b. .5 c. .05 d. 20 e. none of the above
Refer to the information provided in Table 22.3 below to answer the question(s) that follow. Table 22.3
Refer to Table 22.3. The unemployment rate is
A. 2.8%. B. 5%. C. 5.3%. D. 7.2%.
Define aggregate supply. Describe the characteristics of the aggregate supply curve in the immediate short-run, short-run and long-run perspectives.
What will be an ideal response?