The form of business organization responsible for generating the greatest portion of business revenues in the United States is the
A) corporation.
B) dual proprietorship.
C) proprietorship.
D) partnership.
Answer: A
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By 2020, automobile market analysts expect that the demand for electric autos will increase as buyers become more familiar with the technology
However, the costs of producing electric autos may increase because of higher costs for inputs (e.g., rare earth elements), or they may decrease as the manufacturers learn better assembly methods (i.e., learning by doing). What is the expected impact of these changes on the equilibrium price and quantity for electric autos? A) Unambiguously higher equilibrium price and quantity B) Unambiguously higher price, and equilibrium quantity may be higher or lower C) Unambiguously higher quantity, and equilibrium price may be higher or lower D) We cannot form any unambiguous expectations for either price or quantity
Macroeconomic models focus on the behavior of
a. individual households, business firms, and government agencies b. individual nations in the foreign trade sector c. the entire economy d. large industrial sectors, such as manufacturing e. individual business firms and government agencies
If the quantity demanded of a product rose from 900 to 1,200 when the price of the product fell from $11 to $9, the price elasticity of demand coefficient is equal to
a. -0.20. b. -0.70. c. -1.00. d. -1.42.
Economists normally assume that the goal of a firm is to
a. maximize its total revenue. b. maximize its profit. c. minimize its explicit costs. d. minimize its total cost.