Answer the following questions true (T) or false (F)
1. The only type of business that faces unlimited liability is a corporation.
2. In the United States, corporate profits are taxed at the corporate level but are not taxed as personal income in the form of dividend payments.
3. An asset is anything of value owned by a person or firm.
1. FALSE
2. FALSE
3. TRUE
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The total utility you get from eating slices of pizza on a given night is the
A) marginal utility of the last slice times the total number of slices eaten. B) sum of the differences in marginal utility as you increase the number of slices eaten. C) sum of the marginal utilities of all slices eaten. D) sum of the marginal utilities per dollar spent on all slices eaten.
Describe the alternative methods of allocating scarce resources
What will be an ideal response?
The optimal bidding strategy for a second-price auction is
a. To bid your true value b. To shade your bid well below your true value c. To shade your bid just a little below your true value d. To size up your competition to determine how much to shade your bid
Positive statements contain mostly
A. opinions and conditions. B. logical arguments mixed with statements of opinion. C. bias. D. facts and predictions.