Question

answer True or false

1 import quotas on sugar results in lower sugsr prices in usa

2 household production increases when there is a string desire to avoid taxation

3 a righteard shift of a demand curve respresents a decrease in demand

4 if supply increases and demand decreases then equilibrium price will fall

5 A price ceiling set below equilibrium price will result in shortage

6 if income rises and a good is inferior then demand for that good will decrease

7 a leftwardshift of a supply curve repreesents a decrease in supply

8 a major disasvantage of the corporate form of buisness is limited liability

9 the partenership is the least common for of buisness in usa

Answer 1

1. False.

Import quotas will increase the prices of sugar in USA.

2. True.

Increase in taxation is detrimental to household production and vice versa.

3. False.

Rightward shift of the demand curve represents an increase in demand.

4. True.

Increase in supply and decrease in demand loss equilibrium price but the equilibrium quantity is indeterminable .

5. True

A price ceiling below the equilibrium price will lead to to an excess of demand over quantity supplied this causes a shortage.

6 True.

The price of inferior good and its demand is inversely proportional.

7. True.

Decrease in supply is represented by a leftward shift of the supply curve.

8. False.

Which is the major advantage for corporate funds is that they have limited liability. The liability extends to the extend of shareholding.

9. False.

The partnership is one of the most popular forms of business in USA.

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