A market for a product for which demanders are willing to pay more than costs of production may not arise because of:
a. high transactions costs.
b. strict price controls.
c. the inability of producers to gain economies of scale.
d. foreign countries dominating a domestic market for a product.
a
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A firm that has limited liability is classified as a
A) proprietorship. B) partnership. C) partnership or proprietorship. D) corporation.
Which is the correct order of importance in terms of revenue collected among the following federal taxes?
a. (1) corporate income taxes (2) value-added taxes (3) excise taxes b. (1) personal income taxes (2) corporate income taxes (3) sales taxes c. (1) payroll taxes (2) personal income taxes (3) federal excise taxes d. (1) personal income taxes (2) payroll taxes (3) corporate income taxes
Which of the following statements is true?
A) The economy can operate outside (or beyond) its institutional PPF and its physical PPF, but only for a short while. B) The economy can operate outside its physical PPF, if only for a short while, but can never operate outside its institutional PPF. C) The economy can operate outside its institutional PPF, if only for a short while, but can never operate outside its physical PPF. D) The economy can never operate outside its institutional PPF or its physical PPF, even for a short while. E) none of the above
Because the United States usually sends more humanitarian and military aid to foreigners than it receives, ______.
a. the net balance is usually positive b. exports of goods are usually in deficit c. service imports are usually positive d. the net transfers are usually in deficit