Which form of business organization is the least common in the United States?
a. sole proprietorship
b. partnership
c. corporation
d. nonprofit organization
e. conglomerate
B
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Consider the expressions T - G and Y - T - C. Which of the following statements is correct?
a. Each one of these is equal to national saving. b. Each one of these is equal to public saving. c. The first of these is private saving; the second one is public saving. d. The first of these is public saving; the second one is private saving.
The textbook suggests that rent controls
A) actually contribute to the housing boom in an area where they are applied. B) actually contribute to the housing shortage in the area where they are applied. C) are used in a government kickback scheme. D) have no effect on the local housing market.
Firms that produce 90 percent of all phone cameras have shut down their facilities for maintenance. In the phone camera market this will lead to
A) an increase in price and a decrease in quantity. B) an increase in price and an increase in quantity. C) a decrease in price and a decrease in quantity. D) a decrease in price and an increase in quantity.
A firm is earning an economic profit. In the short run the firm should ________. In the long run the firm should probably ________.
A. produce where MC = MR; expand B. shut down; exit the industry C. produce where MC = MR; leave the industry D. shut down; expand