Heavy business taxes (a) vary according to firm size. (b) benefit small firms but cost large ones. (c) stifle entrepreneurial activity. (d) can be described by all of the above. ANSWER (c)
Date: September 10th, 2020
Internal economies in the U.S. during its period of industrialization involved the (a) production of goods in factories. (b) production in small, isolated towns spread throughout the U.S. (c) production of goods in factories grouped together in the same geographical region. (d) production of goods in isolated factories spread throughout the U.S. ANSWER (a)
Date: September 10th, 2020
The federal funds interest rate a. can be raised or lowered by the Federal Reserve to regulate the volume of loans to banks. b. is administered by the Open Market Committee. c. increases when the fed conducts open market purchases. d. is set by Congress. e. none of the above. ANSWER E
Date: September 10th, 2020
The American Revolution and Constitution resulted in (a) a dramatic change in laws and the ownership of property. (b) greatly expanded rights for wage workers and indentured servants. (c) the elimination of a land-owning aristocracy. (d) very little major change with respect to laws and ownership of property, though there was a strengthening of property […]
Date: September 10th, 2020
Profit-maximizing industrialists are concerned with both revenues and costs. Transportation and production costs are an important part of total costs. Both are impacted by (a) location and power sources. (b) the cost of managing large quantities of productive resources found anywhere along the production chain. (c) the ability to concentrate or group resources in the […]
Date: September 10th, 2020
Which would be a liability on a balance sheet of a commercial bank? a. An outstanding commercial loan b. A U.S. Treasury bond c. A certificate of deposit issued by the bank d. Vault cash e. None of the above ANSWER C
Date: September 10th, 2020
The police powers of the government include (a) price fixing. (b) licensing. (c) inspection. (d) all of the above. ANSWER (d)
Date: September 10th, 2020
Schumpeter asserts all of the following except (a) A strong middle class fosters growth in society’s entrepreneurial base. (b) Entrepreneurs are the leading force behind technological advancement. (c) Invention and innovation are unnecessary in a growing economy. (d) Secured property rights encourage risk-taking entrepreneurial behaviors. ANSWER (c)
Date: September 10th, 2020
Economies of scale result as a firm increases in size and expands its use of resources. Productivity increases and fixed production costs are spread over an increased number of goods and services. Which of the following are types of economies of scale? (a) Command economies (b) External economies (c) Open economies (d) Closed economies […]
Date: September 10th, 2020
Which of the following cases was most important in arguing that the “public good” was best served by competition? (a) Marbury v. Madison (1803) (b) McCulloch v. Maryland (1819) (c) Gibbons v. Ogden (1824) (d) Charles River Bridge v. Warren Bridge (1837) ANSWER (d)
Date: September 10th, 2020
