If the United States has been selling more goods in the international market than it has been buying, this could be for all the following reasons except:foreign goods are often much cheaperThe value of the U.S. dollar has fallen substantiallyThe quality of foreign products is similar to that of U.S. productsThe values of foreign currencies are rising relative to that of the U.S. dollar Elroy Hatchard is the sole proprietor of a gift shop in a small shopping center. Because he is a sole proprietor, Elroy’s profit from the business is:Totally tax-freeTaxed as personal incomeNot subject to state or local taxesTaxed only when it is distributed to investor All of the following are normally considered advantages of the corporate form of business organization except:Unlimited liabilityPerpetual lifeEase of ownership changeMore money for investment The heavy influence of such federal agencies as the Federal Trade Commission, the Securities and Exchange Commission, the Food and Drug Administration, and hundreds of others on business activities is strong evidence that in the United States we live in a:Police stateMixed economySocialist economyCentrally planned economyAll of the following are normally considered to be important attributes in becoming a successful entrepreneur, except:Tolerance of uncertaintySelf-directionNeed for securityAction-orientation

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Economics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter18: Gaining From International Trade

Section: Chapter Questions

Problem 1CQ

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If the United States has been selling more goods in the international market than it has been buying, this could be for all the following reasons except:
1. foreign goods are often much cheaper
2. The value of the U.S. dollar has fallen substantially
3. The quality of foreign products is similar to that of U.S. products
4. The values of foreign currencies are rising relative to that of the U.S. dollar

Elroy Hatchard is the sole proprietor of a gift shop in a small shopping center. Because he is a sole proprietor, Elroy’s profit from the business is:
1. Totally tax-free
2. Taxed as personal income
3. Not subject to state or local taxes
4. Taxed only when it is distributed to investor

All of the following are normally considered advantages of the corporate form of business organization except:
1. Unlimited liability
2. Perpetual life
3. Ease of ownership change
4. More money for investment

The heavy influence of such federal agencies as the Federal Trade Commission, the Securities and Exchange Commission, the Food and Drug Administration, and hundreds of others on business activities is strong evidence that in the United States we live in a:
1. Police state
2. Mixed economy
3. Socialist economy
4. Centrally planned economy
All of the following are normally considered to be important attributes in becoming a successful entrepreneur, except:
1. Tolerance of uncertainty
2. Self-direction
3. Need for security
4. Action-orientation

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