Which of the following is considered an advantage of a sole proprietorship?
A) easy to raise large sums of capital
B) limited liability for owner
C) profit taxed only once
D) permits effective specialization
C
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How do the wages in the United States compare to those in northern Europe?
A. U.S. wage rates are higher than those of all northern European nations. B. Northern Europe’s average wage rates are higher. C. U.S. wage rates are higher than those in Germany and the Netherlands. D. They are similar.
Currently in the United States, money is backed by
a. silver in the IMF vaults. b. Federal Reserve notes in banks. c. gold in Fort Knox. d. everyone's willingness to accept it.
Total expenditures on a company's product will be largest when it is priced such that the elasticity of demand:
A. equals -1. B. is greater than -1. C. is less than -1. D. equals 0.
Which panel of Figure 3.3 represents the changes in the market for cigarettes when the government increases subsidies for the production of tobacco and at the same time bans smoking in public buildings?
A. A. B. B. C. C. D. D.