As owner of a one-third share of a partnership, Josh is legally liable for
A) none of its debts.
B) one-third of its debts.
C) all of its debts.
D) all of its taxes but none of its private debt.
Ques. 2The table above displays the possible outcomes for Bob and Joe, who have been arrested for armed robbery and car theft. Which of the following is TRUE?
A) If Joe confesses, Bob should not confess.
B) If Bob confesses, Joe should confess.
C) The dominant equilibrium is that Joe and Bob both serve 2 years.
D) If Joe does not confess, Bob should not confess.
Ques. 3A single-price monopolist will always produce where the elasticity of demand
A) is greater than 1.
B) is smaller than 1.
C) equals 1.
D) equals infinity.
Ques. 4If a fall in the price of good A increases the quantity demanded of good B
A) A and B are substitutes.
B) A and B are complements.
C) A is a substitute for B, but B is a complement to A.
D) B is a substitute for A, but A is a complement to B.
Ques. 5A perfectly competitive firm will operate and incur an economic loss in the short run if
A) the loss is smaller than its total fixed costs.
B) it knows it can recoup the loss in the long run.
C) shareholders do not know about the loss.
D) the loss can offset future profits.
Ques. 6Using the data in the above table, in the long-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________.
A) 115; 10 trillion
B) 110; 10 trillion
C) 105; 11 trillion
D) 115; 11 trillion
Ques. 7When the average product of labor is greater than the marginal product of labor
A) the marginal product of labor must be increasing as labor increases.
B) there must be increasing marginal returns.
C) the average product of labor is decreasing as labor increases.
D) None of the above answers is correct
Ques. 8The above table gives data for the nation of Sueland. What is the value of net exports?
A) 43 billion
B) 234 billion
C) -43 billion
D) 511 billion
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