What is owner's equity?
a. What a company owes
b. What is left after the liabilities are satisfied
c. What a company owns
d. None of these
b. What is left after the liabilities are satisfied
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In an unregulated competitive market, the presence of marginal external benefit from a good or service results in overproduction
Indicate whether the statement is true or false
Assume the following situation. In year 1, a $400 capital stock generates a $100 GDP. One-fifth, or $20 of the $100 GDP, is put into investment. Assuming a constant capital/output ratio and no depreciation, the capital stock in year 2 is
a. 400 b. 420 c. 440 d. 500 e. 800
Suppose that the government taxes income in the following fashion: 20 percent of the first $50,000 . 40 percent of the next $50,000 . and 60 percent of all income over $100,000 . Marshall earns $200,000 . and Lily earns $600,000 . Which of the following statements is correct?
a. Marshall's marginal tax rate is higher than Lily's marginal tax rate. b. Marshall's average tax rate is higher than his marginal tax rate. c. Lily's average tax rate is higher than her marginal tax rate. d. Lily's average tax rate is higher than Marshall's average tax rate.
When jobs are easy to find, wage increases are frequently given, and businesses are doing well, the economy is most likely in a(n):
A. surplus. B. recession. C. depression. D. expansion.