Which of the following types of business organization have limited liability? I. proprietorship II. partnership III. corporation
A) I, II only
B) II, III only
C) III only
D) I, II, III
C
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Answer the next question on the basis of the following national income data for the economy. All figures are in billions of dollars.Personal consumption expenditures$400Government purchases128Gross private domestic investment88Net exports7Net foreign factor income0Consumption of fixed capital43Taxes on production and imports50Compensation of employees369Rents12Interest15Proprietors' income52Corporate income taxes36Dividends24Undistributed corporate profits22Statistical discrepancy0The gross domestic product for the above economy is ________.
A. $623 B. $609 C. $592 D. $584
What are the different things that are not accounted for in the calculation of the GDP of a country?
What will be an ideal response?
Which of the following statements is true of the price elasticity of? demand?
A) As the number of substitutes for a product increases, the price elasticity of demand for that good decreases. B) If the budget share of a particular good in a consumer's bundle increases, the price elasticity of demand for that good is likely to decrease. C) The price elasticity of demand for a good is generally higher in the long run than in the short run. D) The demand for a good with a price elasticity of demand of zero is highly responsive to price changes.
Public choice theory assumes that voters, politicians, and other political participants are largely motivated by: a. personal self-interest
b. altruism. c. a desire to promote the general welfare. d. a desire to promote allocative economic efficiency.