Property and casualty insurance companies are supervised and regulated by the
A) Federal Home Loan Bank Board.
B) Securities and Exchange Commission.
C) states in which they operate.
D) Federal Reserve.
C
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Which of the following is a valid difference between sole proprietorship and partnership?
a. Partnerships require a written agreement while sole proprietorships do not. b. Partnerships require a state charter while sole proprietorships do not. c. Partnerships generate lower profits than sole proprietorships. d. Partnerships are characterized by unlimited liability, while sole proprietorships are not. e. Partnerships consist of two or more partners sharing the responsibility of the firm, while sole proprietorship consists of a single individual.
The marginal revenue curve is the same as the demand curve for the
a. monopolistic competitor b. perfect price discriminator c. oligopolistic price leader d. single price monopoly e. export producer
Suppose buyers of vodka are required to send $5.00 to the government for every bottle of vodka they buy. Further, suppose this tax causes the effective price received by sellers of vodka to fall by $3.00 per bottle. Which of the following statements is correct?
a. This tax causes the demand curve for vodka to shift downward by $5.00 at each quantity of vodka. b. The price paid by buyers is $2.00 per bottle more than it was before the tax. c. Sixty percent of the burden of the tax falls on sellers. d. All of the above are correct.
Which of the following groups of people would most likely pay a higher percentage of their wages on excise tax?
a. doctors earning $400,000 per year b. engineers earning $95,000 per year c. teachers earning $55,000 per year d. cashiers earning $25,000 per year