The major advantage of the corporation is
A. limited liability for owners.
B. greater profit incentive than the other forms of business organization.
C. lower taxes for owners, who are taxed only once.
D. ability of owners to have hands-on management of the firm.
Answer: A
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Scarcity can best be defined as a situation in which
A) there are no buyers willing to purchase what sellers have produced. B) there are not enough goods to satisfy all of the buyers' demand. C) there is more than enough money to satisfy consumers' wants. D) the resources we use to produce goods and services are limited.
In the Keynesian model with government and the foreign sector added, what are the components of spending? Which of these components are autonomous and which are not? How is the equilibrium found?
When the economy is not at an equilibrium, what adjustments are made?
If a good is normal, then the income effect is _____ for a price increase and _____ for a price decrease.
A. positive; negative B. positive; positive C. negative; negative D. negative; positive
Between 1990 and 2003, college tuition went up 130 percent, which is __________ the increase in the prices of housing, gasoline, and medical care
A) slightly more than B) less than C) about the same as D) considerably more than