If Scarcity Didn't Exist, Neither Would

question 94

Multiple Choice

If scarcity didn't exist, neither would

• A)rationing devices.
• B)land.
• C)labor.
• D)capital.

Comprehend the implications of corporate personhood and the rights of corporations under the law.

Identify the critical legal documents in corporation formation and operation, such as articles of incorporation, bylaws, and operating agreements.

Analyze the consequences of failing to adhere to legal formalities in the incorporation process, including the concepts of de facto and de jure corporations.

Understand the concept of corporate veil and circumstances under which it can be pierced to hold shareholders personally liable.

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Definitions:

Public Goods

Goods that are non-excludable and non-rivalrous, meaning they can be consumed by everyone and one person's consumption does not diminish another's.

Efficiency Problem

An issue or circumstance that prevents an economic system or process from optimizing resource use to achieve the greatest output or utility.

Exclude

To eliminate or leave out from consideration or a group.

Public Good

A good that is non-excludable and non-rivalrous, meaning it can be used by everyone and one person's use does not reduce availability to others.