The difference between an L3C (low profit limited liability company) and other types of businesses is that:
A. L3Cs are chartered by the government and all profits are retained by the government.
B. L3Cs explicitly take on a social mission as well as profit-seeking.
C. L3Cs cannot accept government funding of any kind.
D. L3Cs do not pursue profit, but instead seek social goals.
Answer: B
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A common trait of money through history and across cultures is that money
A) was always fiat money. B) was always generally accepted as a means of payment. C) always had mystical properties. D) was always issued by the local government. E) was always based on gold or some other precious commodity.
A central tenet of the position against policy activism is that
A) consumption spending is highly unstable. B) consumption spending is highly stable. C) aggregate policies have little effect on consumption. D) instability in private consumption will always be offset by variations in other elements of private spending.
Which of the following is not a true statement about the foreign exchange market?
a. Trading for foreign exchange is conducted without interruption (24 hours a day) during the workweek. b. Prices for foreign currencies are the usually same throughout the world. c. Bid-ask-spreads are bigger in the wholesale than in the retail market for foreign exchange. d. The wholesale volume surpasses the retail volume by a huge margin.
An economy can produce the following combinations of goods: 50X and 0Y, 40X and 10Y, 30X and 20Y, 20X and 30Y, 10X and 40Y, and 0X and 50Y. The production possibilities frontier (PPF) for the economy is
A) concave downward because the opportunity cost of producing the 10th unit of Y is greater than the opportunity cost of producing the first unit of Y. B) a straight (downward-sloping) line because the opportunity cost of producing the two goods is constant. C) concave downward because the opportunity cost of producing the 40th unit of Y is less than the opportunity cost of producing the 10th unit of Y. D) a straight (downward-sloping) line because the opportunity cost of producing the 10th unit of X is greater than the opportunity cost of producing the 40th unit of X. E) a straight (downward-sloping) line because the opportunity cost of producing the 30th unit of Y is greater than the opportunity cost of producing the 30th unit of X.