Which form of business organization accounts for the largest proportion of sales in the United States?
A) the corporation
B) the partnership
C) the proprietorship
D) the subchapter S partner-based proprietorship.
Answer: A
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Competition keeps prices lower for consumers. So why do we have patent laws?
What will be an ideal response?
The cross elasticity between two goods, X and Y, is positive. From this, we can conclude that goods X and Y are:
a. substitute goods. b. complementary goods. c. unrelated goods. d. inferior goods. e. normal goods.
Under perfect competition, the market mechanism, without any government regulation, is capable of
A. allocating resources efficiently. B. solving equity problems. C. making the average cost of labor equal to the average cost of all commodities. D. making more income available to the poor.
A government passes a new law allowing only 1,000 tons of pollution per day to be generated and simultaneously sells 1,000 transferable rights to emit one ton each of pollution per day. Which of the following is true?
a. The pollution will be created by those least willing and able to pay the damages. b. The pollution will be created by those most willing and able to pay for the right to pollute. c. The funds collected by the government will be enough to compensate any individuals harmed by the pollution. d. Pollution will increase from zero to 1,000 units per day. e. There will be no incentive for polluters to try to sneak emissions past government monitoring devices.