Which of the following government programs provides recipients with unrestricted cash payments?
a. The food stamp program
b. Medicaid
c. Temporary Assistance to Needy Families (TANF)
d. Housing assistance programs
c
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Competition keeps prices lower for consumers. So why do we have patent laws?
What will be an ideal response?
Spending on the structures, equipment, and software that provide the industrial capacity to produce goods and services for all sectors of the economy is called:
A) inventory investment B) business fixed investment C) residential fixed investment D) consumption
Which of the following is NOT an advantage of a proprietorship?
A) They are easy to form and dissolve. B) Decision-making resides with one person—the owner. C) Liability of the owner is unlimited. D) Profits are only taxed once.
If production displays diseconomies of scale, the long-run average cost curve is
A) above the short-run average total cost curve. B) above the long-run marginal cost curve. C) upward sloping. D) downward sloping.