Ch4test notes - 1. The functional distribution of income...

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1. The functional distribution of income refers to the: A. divi sion of inco me bet wee n pers onal taxe s, cons ump tion expe ndit ures , and savi ng.
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B. divi sion of inco me on the basi s of indu stry sour ces, for exa mpl e, agri cult ure, tran spor tatio n, mini ng, etc.
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C. distr ibuti on of inco me to basi c reso urce clas ses, that is, wag es, rent s, inter est, and prof its.
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D. way inco me is distr ibut ed amo ng spec ific hous ehol ds or spen ding unit s. 2. The largest functional share of the national income consists of: A. wag es and salar ies.
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B. inter est and rent al inco me. C. prop rieto rs' inco me, that is, the inco me of unin corp orat ed busi ness es.
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D. corp orat e prof its. 3. A group of chain stores operating at, say, the retail level--for example, J.C. Penney or Kmart--is an illustration of: A. an inte grat ed com bina tion. B. a con glo mer ate com bina tion.
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C. a hori zont al com bina tion. D. a verti cal com bina tion. 4. A firm which owns plants at many different stages in the production process--for example, a steel producer which owns coal and ore mines, coke ovens, rolling mills, and so forth--is an illustration of: A. a verti cal com bina tion.
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B. a hori zont al com bina tion. C. a con glo mer ate com bina tion. D. a diag onal com bina tion. 5. The "separation of ownership and control" in a corporation means that:
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A. hire d man ager s play a larg er role in dete rmin ing com pan y poli cy than do a corp orati on's lega l own ers.
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B. the own ersh ip of corp orati ons is bec omi ng incr easi ngly con cent rate d in the han ds of a few com mon stoc khol ders .
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C. a firm' s boar d of dire ctor s has no pow er over hire d man ager s. D. stoc khol ders have lost their voti ng privi lege s. 6. The U.S. economy is called "mixed capitalism" because:
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A. the prod ucts of man y busi ness ente rpris es are used partl y by busi ness es and partl y by cons ume rs.
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B. the ans wer s to the Five Fun dam enta l Que stio ns are to som e exte nt dete rmi ned by gov ern men t and partl y by priv ate indi vidu als and busi ness es.
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C. the capi tal of mos t busi ness ente rpris es is furn ishe d fro m Fed eral fund s.
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D. a larg e perc enta ge of busi ness ente rpris es are joint ly own ed by gov ern men t and priv ate busi ness . 7. The Pure Food and Drug Act is an illustration of:
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A. gov ern men tal prov isio n of publ ic goo ds. B. the redi strib utio nal func tion of gov ern men t.
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C. gov ern men tal prov isio n of a suita ble lega l fram ewo rk for the mar ket syst em. D. gov ern men tal acti on desi gne d to enha nce com petit ion.
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8. Spillover costs arise: A. whe n firm s pay mor e than the opp ortu nity cost of reso urce s.
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B. whe n the dem and curv e for a prod uct is loca ted too far to the left.
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C. whe
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This note was uploaded on 09/06/2011 for the course ECON 2312 taught by Professor Dan during the Spring '11 term at The University of Texas at San Antonio- San Antonio.

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Ch4test notes - 1. The functional distribution of income...

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