Which type of business involves one partner managing while the others are financial partners only?
a. sole partnership
b. general partnership
c. limited partnership
d. managerial partnership
e. none of these
c. limited partnership
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Economists believe the "full employment" level of unemployment is
(a) 0 percent (b) 2 percent (c) 5 percent (d) 10 percent
Suppose that the elasticity of demand for a product is 4.0 and quantity demanded increases by 20%. What must the percentage decrease in price have been?
A. 5% B. 20% C. 80% D. 200%
Answer the following statement(s) true (T) or false (F)
1. A Pigou tax forces car manufacturers to internalize the cost of pollution. 2. Cap and Trade is so named because the government puts a “cap” on the amount of exports that domestic firms are allowed to “trade” with foreign nations. 3. A Cap and Trade system is more prone to error than a Pigou tax. 4. Pigou taxes are unnecessary in the presence of transaction costs. 5. Pigovian analysis indicates that a subsidy should be awarded when economic activity creates social benefits.
An oligopoly is a market structure in which there are
A) only a few buyers but many sellers. B) only a few sellers selling either an identical or differentiated product. C) many sellers selling a differentiated product. D) a few products sold by many sellers.