Stocks are
A) promises to repay loans.
B) a liability of a proprietorship.
C) a liability of a corporation.
D) shares of ownership in a corporation.
Answer: D
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The supply of product X is perfectly inelastic if the price of X increases by ________ and, as a result of the price change, the quantity supplied ________
A. 7%; increases by 5%. B. 10%; stays the same. C. 8%; increases by 8%. D. 5%; increases by 7%.
________ is the first step in the planning process according to a Model (diagram) in the book
a. Implementing b. Gathering and analyzing information c. Awareness d. Evaluation
Since firms in both monopolistic competition and perfect competition earn zero economic profit, price must be equal to average cost for both types of firms.
Answer the following statement true (T) or false (F)
According to the textbook, the dramatic global shift toward market capitalist economies in the 1980s and 1990s is in large part the result of:
A) an emphasis on individual ownership and decision making power yielding freedom not available under socialist systems. B) the philosophical and theoretical arguments of communism and socialism being finally proved correct. C) the realization that government controls will allocate resources on the basis of comparative advantage. D) a shift to more capital-intensive production.