In 2012, U.S. exports of services ______ U.S. imports of services by about _____.

In a perfectly competitive market, an increase in output could be caused by

a. decrease in consumer demand b. an unavoidable increase in fixed costs c. higher input prices d. an increase in consumer demand

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.