Improvements in the level of technology will generally shift the production function downward.

Which of these statements best describes a flow variable?

a. An economic variable that measures something at a particular point in time b. An economic variable whose value is determined by the market c. An economic variable that is measured per unit of time d. An economic variable whose value shows no change over time e. An economic variable that remains static when other related variables change

A business owned by a single individual who is fully liable for its debts is called

a. a corporation. b. a proprietorship. c. a partnership. d. an agency.