The owner of a sole proprietorship has limited liability, while stockholders of corporations have unlimited liability
a. True
b. False
Indicate whether the statement is true or false
False
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Anita is the retired president of Claddagh College and currently serves on the board of directors of the Patrician Pharmaceutical Company. Anita is considered ________ of the company
A) a silent partner B) an outside director C) a managing director D) an inside director
When economists say goods are scarce, they mean:
a. consumers are too poor to afford the goods and services available. b. consumers are unwilling to buy goods unless they have very low prices. c. goods are generally freely available from nature in most countries. d. the desire for goods and services exceeds our ability to produce them with the limited resources available.
If people took external costs like pollution into consideration, they would on net:
A. not change their behavior to consume more or less of the goods causing externalities. B. consume less of the goods causing these externalities. C. consume a socially non-optimal amount of the goods causing the externalities. D. consume more of the goods causing these externalities.
The owner of a coffee shop is considering whether or not to raise the price of a standard cup of hot coffee at her store. What will happen to the number of cups of coffee she sells? Explain what the substitution and income effects of such a change would be.
What will be an ideal response?