If a family’s MPC is .7,then it is:Spending 70 percent of its income on consumer goodsSaving 70 percent of its incomeSpending 30 percent of its incomeSpending 100 percent of its incomeThe three legal forms of business are:Single proprietor shipPartnershipCorporationAll of the abovePrice elasticity of demand measures the responsiveness of the quantity demanded to changes in:IncomePriceSupplyInterest rateThe separation between ownership and control is one of the major characteristics of the:CorporationPartnershipSingle proprietor shipNone of the aboveUsed furniture is an example of a:Normal goodInferior goodLuxury goodAbnormal good

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If a family’s MPC is .7,then it is:
1. Spending 70 percent of its income on consumer goods
2. Saving 70 percent of its income
3. Spending 30 percent of its income
4. Spending 100 percent of its income
The three legal forms of business are:
1. Single proprietor ship
2. Partnership
3. Corporation
4. All of the above
Price elasticity of demand measures the responsiveness of the quantity demanded to changes in:
1. Income
2. Price
3. Supply
4. Interest rate
The separation between ownership and control is one of the major characteristics of the:
1. Corporation
2. Partnership
3. Single proprietor ship
4. None of the above
Used furniture is an example of a:
1. Normal good
2. Inferior good
3. Luxury good
4. Abnormal good

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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