A difference between the market and the public sector is that
A. competition exists only in the market sector.
B. resources are only scarce for the market sector.
C. only the public sector produces private goods.
D. decision making is by majority rule in the public sector but not in the market sector.
Answer: D
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Messitt and McNulty spend $50,000 each to form a law partnership. On the first day someone trips over a potted plant in their lobby and sues them for $400,000 . Which of the following is true?
a. If a $400,000 judgment is against the partnership, then each partner will have to pay $200,000. b. If a $400,000 judgment is against the partnership and if McNulty cannot afford to pay any of it, then Messitt is liable for $400,000. c. Messitt's liability is limited to $300,000 because she owns three quarters of the firm. d. Each individual partner cannot be sued for more than $200,000. e. Only McNulty is personally responsible for the damages because he was the one who put the potted plant in the office.
Over the last 50 years, the employment ratio has risen most significantly among ________
A) men B) women C) blacks D) Hispanics
The purchasing power of money increases when
A) the inflation rate increases. B) there is inflation. C) there is deflation. D) there are more dollars in the economy.
One of the widely-acknowledged problems with the consumer price index (CPI) as a measure of the cost of living is that the CPI
a. fails to account for consumer spending on housing. b. accounts only for consumer spending on food, clothing, and energy. c. fails to account for the fact that consumers spend larger percentages of their incomes on some goods and smaller percentages of their incomes on other goods. d. fails to account for the introduction of new goods.