Where large amounts of capital are used, the dominant form of business organization is the
A) corporation.
B) partnership.
C) proprietorship.
D) partnership in manufacturing and the corporation in finance.
A
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A ________ occurs when an economic activity has a spillover cost that does not affect those directly engaged in the activity
A) positive externality B) negative externality C) gain in producer surplus D) gain in consumer surplus
The most notable surfaced road of the 19th century, ___________, was built using federal government funds
a. the Cumberland Road b. the Wilderness Road c. the Natchez Trail d. the Forbes Road
For the economy as a whole: a. income must equal expenditures
b. expenditures exceed income because of taxes. c. income exceeds expenditures because of saving. d. expenditures exceed income because of the government budget deficit.
Consider a firm with the following cost and revenue information: ATC = $20, AVC = $10, and P = MR = $30 . If the firm follows the rule to maximize profits, its output level is 3 . Therefore MC equals
a. $20 b. $10 c. $30 d. $90 e. $3