Which of the following options is NOT a characteristic of a proprietorship?
A) single ownership
B) unlimited liability
C) double taxation
D) easy to form and dissolve
Answer: C
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Using the data in the above table, if potential GDP for this economy is $25 billion, then at the present moment real GDP is
A) less than potential GDP. B) equal to potential GDP. C) greater than potential GDP. D) at the full-employment level of output. E) not comparable to potential GDP.
The Clayton Act of 1914
a. was too vaguely worded to reduce anticompetitive behavior significantly b. prohibited conspiracies in restraint of trade c. prohibited price discrimination that reduces competition and cannot be justified based on cost differences d. created the Federal Trade Commission e. prohibited firms from reducing prices too far
If a firm in a perfectly competitive market faces a market price of $8, and it decides to increase its production from 300 units to 550 units, the firm's total revenue will:
A. stay the same at $8. B. decrease from $4,400 to $2,400. C. increase from $2,400 to $4,400. D. likely rise, but it cannot be determined by how much.
(Advanced analysis) Answer the question on the basis of the following information. The demand for commodity X is represented by the equation P = 100 - 2Q and supply by the equation P = 10 + 4Q. Refer to the given information. The equilibrium price is:
A. $50. B. $70. C. $80. D. $130.