What are royalties?
a. fees paid to celebrities for using their names
b. fees paid to law firms and accountants
c. a percentage of profits paid to the government
d. a percentage of earnings paid for a franchise
Answer: d. a percentage of earnings paid for a franchise
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Which of the following statements is true?
A) The government plays absolutely no role in economies characterized by communism. B) Competition among firms is likely to be higher in communist economies than in market economies. C) The government plays absolutely no role in economies characterized by market economies. D) Competition among firms is likely to be higher in market economies than in communist economies.
According to Classical economists, investment is __________ related to the __________
A) directly; interest rate B) directly; level of GDP C) inversely; interest rate D) inversely; level of GDP
All of the following will decrease the demand for labor by firms in an industry except
A. a decrease in the prices of inputs that complement labor. B. a decrease in the demand for the product produced by the industry. C. a decrease in the price of the product produced by the industry. D. a decrease in the prices of inputs that substitute for labor.
The official definition of poverty is based on a comparison of cash and in-kind benefits with family size.
Answer the following statement true (T) or false (F)