Damian wants to start a business where he is the only owner and the company does not issue stock. The type of business Damian wants to start is a
A) sole proprietorship. B) corporation.
C) partnership. D) Any of the above could be correct.
A
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Most income tax revenues are collected by _____
a. the federal government b. state governments c. county governments d. city governments
The social cost attached to monopolies is reflected by the fact that
A) monopolies produce more output than consumers desire to buy. B) consumers pay prices that exceed the marginal cost of production. C) the demand for a monopolist's product is always lower than the demand for the products of perfectly competitive firms. D) consumers are always willing to pay lower prices for a monopolist's product than for the products of perfectly competitive firms.
Which of the following statements about voting is NOT true?
a. Voting theory posits that a majority vote by itself may indicate nothing at all about society's preferences. b. In those situations where voting does occur, it can have imperfections, just like markets might. c. There will be occasions when voters can advance their individual interests by misrepresenting their preferences or purchasing each other's votes. d. It is possible to devise a voting method in which the outcomes always have certain desirable properties for all possible sets of voter preferences.
Normative economics ________ and positive economics ________.
A. does not involve judgments; involves judgments B. involves judgments; does not involve judgments C. involves judgments; also involves judgments D. does not involve judgments; also does not involve judgments