Final answer:
The statement about no-load mutual funds and fees is false, as such funds can still have operational costs despite no sales charge. Furthermore, the claim about proprietors in a proprietary colony having no responsibilities except to collect profits is also false; they had several administrative and governance duties.
Step-by-step explanation:
The statement that 'when you purchase stock in a no-load mutual fund, you never pay any fees' is False. No-load mutual funds do not charge a sales commission or load when you buy or sell shares, but this does not mean there are no fees at all. Most no-load mutual funds will still have operational costs, such as management fees and other expenses, which are taken from the fund's assets and therefore impact the return on your investment. It's important to understand the expense ratio of a mutual fund, which represents the total percentage of fund assets that go towards yearly operational costs.
The second statement, regarding proprietary colonies, is also False. In a proprietary colony, the proprietors had various responsibilities aside from collecting profits, including managing the colony's affairs and maintaining order, which often involved creating laws, setting up a government, and defending the colony.