A homeowner has run into some financial difficulty and has not been able to pay property taxes or income taxes. If liens resulted in a foreclosure sale, which of the following is the correct order for payment of the liens?
a. The city would be paid first. The IRS would be paid after the city, provided the sale produced enough funds
b. All liens will be added together and each lien holder would receive their prorated share
c. The IRS would be paid first. The county would be paid next.
d. The order of these two liens would depend solely upon the order in which they were filed.
Answer: a. The city would be paid first. The IRS would be paid after the city, provided the sale produced enough funds
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One lesson of business:
a. is tracing the consequences of a policy b. promoting a policy change to eradicate inefficiencies c. buy a low-valued assets and sell it to someone who values it higher. d. None of the above
Return to the case of Jan, the hyperbolic discounter from the previous question. What values of B and C will lead her to be consistent with a plan to undertake the action?
a. C < B < 2C. b. B < C. c. B > 2C. d. B < C < 2B.
As long as market price remains above the average total cost, and the firm chooses the profit-maximizing level of output, it will:
A. earn zero profits. B. make profits. C. make a loss. D. Any of these is possible.
A U.S. company is attempting to cut costs by shifting some of its services to Thailand. This process of shifting production of products or services overseas to cut costs often results in:
A. greater potential for market failure for those products and services. B. greater economic uncertainty in the market for those products and services. C. lower consumer prices on those products or services. D. lower production quantities of those products or services.