The person least likely to receive a payment from a corporation in a year of losses is the
A. bondholder.
B. preferred stockholder.
C. common stockholder.
D. bank that loaned money to the corporation.
Answer: C
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Which of the following can result in a market producing an inefficient quantity of a good? i. competition ii. an external cost or an external benefit iii. a tax
A) i only B) iii only C) ii only D) ii and iii E) i and iii
If Px = Py, then when the consumer maximizes utility,
A) X must equal Y. B) MU(X) must equal MU(Y). C) MU(X) may equal MU(Y), but it is not necessarily so. D) X and Y must be substitutes.
If a perfectly competitive industry is taken over by a monopolist,
a. output will always rise b. output will always fall c. market price will probably not change d. marginal cost will approach average variable cost in the long run e. market price could fall if there are large gains from technological changes under monopoly
Imports account for approximately ___ percent of U.S. GDP.
A. 2 B. 7 C. 14 D. 25