_______ status is given if an organization has a cultural, artistic, educational, or other public benefit.
a. For-profit
b. Not-for-profit
c. Charitable organization
d. Sole proprietorship
e. LLC
b. Not-for-profit
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A firm that has taken advantage of economies of scale and expanded to become the only producer in the market is
A) a cartel. B) a natural monopoly. C) a monopolistic competitor. D) an oligopolist.
The capital account includes
A. Foreign purchases of U.S. assets. B. Unilateral transfers. C. Trade in goods. D. Trade in services.
Mac can bake more cookies than Monica per hour. It must be true that
A) Monica has an absolute advantage in cookie baking.
B) Mac has an absolute advantage in baking cookies.
C) Mac has a comparative advantage in baking cookies.
D) Monica has a comparative advantage in baking cookies.
E) Mac cannot benefit by trade between the two of them.
The United States funds its unemployment compensation system by taxing
A. older, larger firms at a higher rate than younger, smaller firms. B. firms more when they have a history of causing more layoffs, up to a point. C. all firms at the same rate. D. firms more when they have greater profits so that they can afford the additional taxes. E. nonunion firms more than union firms because union firms pay higher wages on average.