Answer the following statements true (T) or false (F)
1. A major advantage of a partnership is the legal separation of personal and partnership assets.
2. In a corporate form of business enterprise, both profits and dividends are subject to income tax.
3. In determining what and how much to produce, the market economy works in a democratic manner based on dollar votes.
4. Government intervention in market economies was and is necessary to remedy the inequities that evolved from economic liberalism.
1. FALSE
2. TRUE
3. TRUE
4. TRUE
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In the above table, which technique is technologically inefficient?
A) Technique W B) Technique X C) Technique Y D) Technique Z
An advantage of using the cross-sectional regression method in estimating production is that
A) the problem of technological change over time is overcome. B) there is no need to adjust data, which are in monetary terms for geographical differences. C) we can assume that all plants operate at their most efficient input combinations. D) All of the above
Declining cost industries
a. have upward rising AC curves. b. have upward rising demand curves. c. have ?-shaped total costs. d. have diseconomies of scale. e. have marginal cost curves below their average cost curve.
If interest rates in the U.S. are higher than elsewhere, it will cause
a. the demand for dollars to decrease b. the supply of dollars to increase c. the exchange value of the dollar in relation to other currencies to fall d. the dollar to depreciate e. the demand for dollars to increase