Which of the following is true about sole proprietorship in the United States?
a. It is the most common form of business organization.
b. It is responsible for a large portion of total production of goods and services.
c. It offers the owner the least personal liability of any form of business organization.
d. There is no opportunity cost to operating the business.
e. Only one individual can work in such a firm.
A
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Which of the following is NOT a consequence of the introduction of the Medicare program?
A) an increased quantity of medical services demanded B) an increased ability for the elderly to obtain medical services C) an increased ability for the poor to obtain medical services D) a reduced demand for medical services
A firm produces 100 . units per week. It hires 10 full-time workers (40 hours/week) at an hourly wage of $20 . Raw materials are ordered weekly and they costs $5 for every unit produced. The weekly cost of the rent payment for the factory is $1,500 . How do the overall costs breakdown for the week?
a. total variable cost is $5,000 . total fixed cost is $1,500 . total cost is $6,500 b. total variable cost is $5,000 . total fixed cost is $9,500 . total cost is $14,500 c. total variable cost is $13,000 . total fixed cost is $1,500 . total cost is $14,500 d. total variable cost is $13,000 . total fixed cost is $9,500 . total cost is $22,500