The decision about whether a firm in each particular industry must operate as a proprietorship, partnership, or corporation is made by the Internal Revenue Service
Indicate whether the statement is true or false
FALSE
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How does the national debt as a percentage of GDP in the United States compared to the United Kingdom?
a. U.S. national debt ratio is smaller. b. U.S. national debt ratio is slightly larger. c. U.S. national debt ratio is substantially larger. d. U.S. national debt ratio is substantially smaller.
As Americans have become more health conscious, rules about food labels have become more complex and stringent. This is an example of government acting as
a. regulator. b. redistributor. c. taxer. d. defender. e. referee.
Assume that store brand cereal is an inferior good. If income rises, then the price of store brand cereal will ________ and the quantity sold of store brand cereal will ________.
A. fall; fall B. rise; rise C. rise; fall D. fall; rise
"Scarcity implies that some way of rationing goods must be found." Explain what this statement means. How is this rationing done?
What will be an ideal response?