Damian wants to start a business where he is the only owner and the company does not issue stock. The type of business Damian wants to start is a
A) sole proprietorship.
B) partnership.
C) corporation.
D) Any of the above could be correct.
Answer: A
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Which of the following is not an example of a trade restriction?
A) quotas and voluntary export restraints B) tariffs C) consumer preferences for goods produced domestically D) legislation requiring that cars sold in a country have a 50 percent domestic content
What is one of the biggest differences between a sole proprietorship and a corporation?
A) Sole proprietorships offer stock. B) Corporation shareholders elect the managers of the firm. C) Sole proprietorships have limited liability. D) Corporations are the only profitable firms.
Sue earns income of $80,000 per year. Her average tax rate is 30 percent. Sue paid 20 percent in taxes on the first $30,000 she earned. What was the marginal tax rate on the rest of her income?
a. 20 percent b. 24 percent c. 30 percent d. 36 percent
If there were an increase in the number of bank failures, we should expect the amount of excess reserves in the banking system to:
A. increase. B. decrease since failing banks lost theirs. C. decrease. D. not change.