A business owned by a single individual who is fully liable for its debts is called
a. a corporation.
b. a proprietorship.
c. a partnership.
d. an agency.
B
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Suppose a competitive market is comprised of firms that face identical cost curves. The firms experience an increase in demand that results in positive profits for the firms. Which of the following events are then most likely to occur? (i) New firms will enter the market. (ii) In the short run, price will rise; in the long run, price will rise further. (iii) In the long run, all firms will be
producing at their efficient scale. a. (i) and (ii) only b. (i) and (iii) only c. (ii) and (iii) only d. (i), (ii) and (iii)
In what way does inflation redistribute wealth?
A. Inflation redistributes wealth from lenders to borrowers. B. Inflation redistributes wealth from long-term borrowers to short-term borrowers. C. Inflation redistributes wealth from borrowers to lenders. D. Inflation redistributes wealth from short-term borrowers to long-term borrowers.
Black markets are associated with:
A. price floors and the resulting product surpluses. B. price floors and the resulting product shortages. C. ceiling prices and the resulting product shortages. D. ceiling prices and the resulting product surpluses.
Refer to the information provided in Figure 4.1 below to answer the question(s) that follow.
Figure 4.1Refer to Figure 4.1. Assume that initially there is free trade. If the United States then imposes a 10-cent tax per apple,
A. the price of apples in the United States will increase to 40 cents per apple. B. the quantity of apples demanded will be reduced by 2 million apples per day. C. the quantity of apples supplied by U.S. firms will increase by 2 million apples per day. D. all of the above