Which of the following is the most common form of business organization in the United States?
A. S-corporation
B. corporation
C. partnership
D. proprietorship
Answer: D
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Identify the correct definition of the federal funds rate
A) The federal funds rate is the interest rate at which the Fed lends money to households. B) The federal funds rate is the interest rate at which banks lend money to the Fed. C) The federal funds rate is the interest rate at which banks lend their deposits with the Fed to other banks. D) The federal funds rate is the interest rate at which the Fed lends money to business firms.
A perfectly competitive firm will always maximize profits by producing where
A. per-unit costs are lowest. B. total costs and total revenue are equal. C. P = MC. D. P = AC.
A price taker is a buyer or seller who:
A. has complete control over setting the market price. B. can influence the market price. C. has no control over setting the market price. D. has the goal of maximizing market share, not profits.
Paper money
a. has a high intrinsic value. b. is the primary medium of exchange in a barter economy. c. is valuable because it is generally accepted in trade. d. is valuable only because of the legal tender requirement.