Which form of business organization has the advantage of being a legal person in itself?
a. sole proprietorship
b. partnership
c. corporation
d. oligopoly
c. corporation
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In year 1, the Consumer Price Index was 120 and the average nominal income was $30,000. In year 2, the Consumer Price Index was 125 and the average nominal level of income was $32,000. What happened to real income from year 1 to year 2?
A. It fell by $400. B. It rose by $600. C. It rose by $400. D. It rose by $2,000.
Tim decides to spend four hours playing video games rather than attending his classes. His opportunity cost of playing games is
a. the value of the knowledge he would have received had he attended his classes. b. the $50 he could have earned if he had worked at his job for those four hours. c. the value of his time playing video games minus the value of attending classes. d. nothing, since he valued playing video games more than attending classes.
Which of these conclusions does the graph U.S. Unemployment by Sex and Age support?
a. The U.S. Department of Labor does not differentiate the gender of teenagers when
reporting unemployment figures.
b. The unemployment rate for adults 20 or older is less than that of the total population.
c. The percentage of unemployed teenagers is overreported because it exceeds the
combined percentages of unemployed men and women.
d. The U.S. Department of Labor does not count teenagers as part of the total
population when reporting unemployment figures.
________ holds that those with equal ability to pay should bear equal tax burdens.
A. Vertical equity B. The benefits-received principle C. Progressive tax theory D. Horizontal equity