Which of the following have their profits taxed twice?
a. sole proprietorships
b. partnerships
c. corporations
d. nonprofit institutions
e. S-corporations
C
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Demand is generally
A. equally elastic in both the short run and the long run. B. relatively more elastic in the long run than in the short run. C. relatively more elastic for "necessities" than it is for "luxuries." D. relatively more elastic in the short run than in the long run.
Of the following, who gains because of tariffs and why?
A) domestic producers of protected goods because they can sell at a higher price B) domestic buyers because they can be sure of buying high-quality products C) foreign producers because they earn more total revenue D) foreign government because they gain more revenue E) domestic buyers because they pay a lower price
Suppose $1 buys 1.20 euros in January and then it buys 1.10 euros in the following December. As a result
A) the dollar has appreciated. B) the euro has appreciated. C) the euro has depreciated. D) both answers A and C are correct.
People often complain about price gouging after a disaster such as a hurricane. Suppose the government successfully prevented price increases due to the disaster. We would expect
A) reconstruction to take longer because the quantity supplied of new materials would increase more slowly. B) reconstruction to take less time because the demand for materials would increase faster. C) reconstruction never to occur. D) reconstruction to take less time because the government could rebuild more quickly when people are not in the way.