A sole proprietorship is typically a relatively small business because
a. its operations must stay within state borders
b. it is operated out of the proprietor's home
c. there are no employees, only working family members
d. there are no bank loans available for expansion
e. expansion often requires a partner or conversion to another form of business organization
E
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An appreciation of the U.S. dollar
a. is the same thing as a decrease in the consumer price level. b. increases the purchasing power of the U.S. dollar in foreign markets for goods and services. c. decreases the purchasing power of the U.S. dollar in foreign markets for goods and services. d. is the same thing as an increase in the consumer price level.
If hiring more workers results in each additional worker contributing successively smaller amounts of output, then which of the following is present?
a. diminishing profitability b. diminishing total product c. diminishing marginal product d. Both b and c are correct.