Of the types of business organizations in the United States, sole proprietorships account for the ________ percentage of firms and the ________ percentage of profits
A) smallest; smallest B) largest; largest C) smallest; largest D) largest; smallest
D
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The United States imports cheese from a variety of countries. The table above gives the domestic supply of, and demand for, cheese in the United States. The world price of cheese is $12 per pound, and trade is unrestricted
a. How many pounds of cheese are consumed in the United States? b. How many pounds of cheese are produced in the United States? c. How many pounds of cheese are imported into the United States? If a $3 per pound tariff is imposed, d. How many pounds of cheese are consumed in the United States? e. How many pounds of cheese are produced in the United States? f. How many pounds of cheese are imported into the United States? g. How much will the U.S. government collect in tariff revenue? h. Who benefits from the tariff? Who loses?
In the specific factors model, labor is defined as a(an)
A) mobile factor. B) specific factor. C) fixed factor. D) variable factor. E) intensive factor.
If the ratio of marginal revenue product to marginal factor cost for labor is greater than that for capital, then:
a. the producer can maximize profit by hiring more units of capital. b. the producer suffers losses by hiring more units of labor. c. the producer does not alter the resource allocation. d. the producer can maximize profit by hiring more units of labor. e. the producer will earn above normal profit by hiring less units of labor.
Deficits and surpluses in the balance of payments are eliminated by ____ in a pure flexible exchange rate system
a. the market mechanism b. financial borrowings c. reserve movements d. changes in fiscal and monetary policies