The first claim on a corporation's after-tax profits is held by the
a. consumers
b. managers
c. stockholders
d. bondholders
e. government
D
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Compared to the level of real GDP per person in 1870, by 2010, real GDP in the U.S was ________ times larger, while real GDP per person in Japan was ________.
A. 12; 30 times larger B. 12; smaller C. 30; 12 times larger D. 12; 12 times larger
Taxes may cause deadweight losses because __________.
A) they increase consumer surplus at the expense of producer surplus. B) they transfer purchasing power from buyers to the government. C) they transfer purchasing power from sellers to the government. D) they lower the surplus in the market.
To promote long-term economic growth, national governments should:
a. Increase government spending and reduce taxes. b. Reduce government spending and increase taxes. c. Establish fair rules of behavior and provide the means to enforce them. d. Promote research and development with federal funds. e. Impose tariffs and quotas until the nation is on its feet.
Which one of the following is true about the U.S. Federal Reserve System?
A. There are 14 members of the Federal Reserve Board. B. The head of the U.S. Treasury also chairs the Federal Reserve Board. C. There are 10 Federal Reserve Districts. D. The Federal Open Market Committee (FOMC) has more members than does the Federal Reserve Board of Governors.