Question

Explain the primary revenue sources for the three different levels of government. How does each level of government spend its revenues?

Who were the first modern American corporations?

What is limited liability and why is it important in the context of the modern corporation?

Who are the major shareholders of most major publicly-traded modern corporations?

Board of directors—who are these directors and what do they do?

Management—what functions does it perform in the modern corporation?

What is the Genuine Progress Indicator (GPI)?

Describe some of the shortcomings associated with using GDP as a measure of social welfare. And, explain how the GPI attempts to address these shortcomings. Explain why the official unemployment rate may be a poor indicator of the actual conditions prevailing in the labor market.

Answer 1

The primary sources of revenue:

Income tax, patrika tax, corporate income tax.

The first American corporations were created in 1790s. After 2nd world war till the rise of Japanese competition in 1980s, corporates flourished in America, more than in any other part of the world. The corporate culture played a crucial role in economic, political and cultural advancement of America. The first corporates were, the small banking corporations whose models were taken from Great Britain's banking corporate structure. Followed by small banks, there came textile corporates also and other small investment corporations.