Which of the following firms has unlimited liability?
A) only proprietorships
B) only partnerships
C) only corporations
D) both proprietorships and partnerships
D
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What does the phrase "internalizing an external cost" mean?
A) forcing producers to factor into their production costs the cost of the externalities created in the production of their output B) finding a way to address cross-border pollution C) limiting the extent to which domestic firms can outsource production D) prohibiting economic activities that create externalities
The government's economic programs and policies in the United States _____
a. are determined mostly by professional economists b. are largely determined by looking at what other countries are doing c. are a product of a democratic political system d. are largely determined by corporations
A recessionary gap exists when potential GDP
a. falls short of equilibrium GDP. b. exceeds equilibrium GDP. c. equals equilibrium GDP. d. All of the above are correct.
Banks that are managed in a very safe and conservative manner can be expected to earn
a. high, steady profits. b. high but volatile profits. c. low and consistent profits. d. low profits with occasional major losses.