Jeremy is thinking of starting up a small business selling NASCAR memorabilia. He is considering setting up his business as a sole proprietorship. What is one advantage to Jeremy of setting up his business as a sole proprietorship?
A) As a sole proprietor, Jeremy would have the ability to share risk with shareholders.
B) As a sole proprietor, Jeremy would have both ownership and control over the business.
C) As a sole proprietor, Jeremy would face limited liability.
D) All of the above would be advantages of setting up his business as a sole proprietorship.
B
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A fall in the price of lemons from $10.50 to $9.50 per bushel increases the quantity demanded from 19,200 to 20,800 bushels. The price elasticity of demand is
A) 0.80. B) 1.20. C) 1.25. D) 8.00.
Which of the following is an example of a tax based on the benefits principle?
a. An income tax b. A lump-sum tax assessed on household in town to finance the construction of soccer fields c. A gasoline tax imposed by a city to be used to upgrade facilities local high school d. A toll road