Which of the following is not an example of a country's infrastructure?
a. Transportation system.
b. Communications system.
c. Political system.
d. Educational system.
e. Energy system.
c
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When deriving an Engel curve, if the optimum point for good X lies to the left as income increases, good X is
a. a normal good. b. an inferior good. c. a Giffen good. d. a substitute for good Y.
Proprietorships generally have unlimited liability, whereas partnerships and corporations have limited liability
Indicate whether the statement is true or false
The American Revolution resulted in
(a) a loss of British military assistance, governmental expertise, judicial assistance and public funding for wars. (b) greatly expanded rights for wage workers and indentured servants. (c) significant change with respect to market behaviors, ownership of property and individual freedom. (d) a dramatic change in laws and the ownership of property.
The theory of comparative advantage suggests that a(n):
a. industrialized country should not import. b. country that is not competitive should import everything. c. country specialize in producing goods or services for which it has a lower opportunity cost. d. none of these.