A sole proprietorship is
A) the easiest type of business to set up.
B) the most difficult type of business to set up.
C) the most expensive type of business to set up.
D) the least profitable type of business to set up.
Answer: A
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Consider Gary's utility function: U(X,Y) = 5 XY, where X and Y are two goods
If the individual consumed 10 units of X and received 250 units of utility, how many units of Y must the individual consume? Would a market basket of X = 15 and Y = 3 be preferred to the above combination? Explain.
Answer the following statement(s) true (T) or false (F)
1. The Phillips curve demonstrates a positive relationship between inflation and unemployment rates. 2. Lower real wages make it more profitable for companies to hire additional employees. 3. The relationship demonstrated by the Phillips curve tends to disappear in the long run. 4. As aggregate demand in an economy increases, it moves up and to the left on its Phillips curve. 5. The AD/AS model and the Phillips curve show two completely different and unrelated economic events.