Economic forecasting has improved tremendously in the last 20 years with the development of computers

A major disadvantage of a proprietorship is that the ________

A) owner's entire wealth is at risk B) profits are taxed twice C) firm has perpetual life D) owner has limited liability

Which of the following best illustrates the fallacy of composition? a. If the price of a product rises, the quantity supplied will decline

b. The average wage rate tends to increase at approximately the same rate as inflation; hence, wage increases must cause inflation. c. Resources are scarce; therefore, there is no such thing as a free lunch. d. If I talk loudly at a party, I have a better chance of being heard by my listeners. If everyone at the party talks loudly, everyone can be heard more clearly.