Refer to Table 28-4. If the local government imposed a minimum wage of $4 in Productionville, how many people would be unemployed?

A) 0
B) 2,000
C) 3,000
D) 10,000

Which of the following is not a cost of carrying inventory?

A) Breakage and theft
B) Obsolescence
C) Financing and storage costs
D) Slower inventory turnover

Goods that are considered "bads" have this characteristic:

A) their marginal rates of substitution are constant.
B) for those goods, less is preferred to more.
C) preferences for those goods are not complete.
D) those goods have horizontal or vertical indifference curves.

Identify which of the following accounts would appear on a balance sheet.(a)Cash
(b)Fees earned
(c)Common stock
(d)Wages payable
(e)Rent expense
(f)Supplies
(g)Land

What was the name of the document given to early American corporations by state legislatures that permitted them to operate as a corporation?

A) Certificate of Corporation
B) Organization Agreement
C) Special Charter
D) Domestic Treaty

Under Article 2(A) of the UCC, a(n) ________ is defined as a transfer of the right to possession and use of goods for a term in return for consideration.

A) sale of goods
B) consignment
C) assignment
D) rental
E) lease