A major difference between a partnership and proprietorship is that with a partnership,
a. the liability for each individual is limited by the wealth of the others
b. the liability for each partner is proportionate to his or her investment
c. profits increase with each new partner
d. the business has greater investment resources than proprietorships
e. only the shareholders face losses
D
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Taxes provide individuals with incentive to:
(a) Increase the number of working hours. (b) Increase productivity by working longer and harder. (c) Direct resources to uses where taxes are relatively low or nonexistent. (d) Buy and save more.
When total planned real expenditures change due to the changes in net exports, this is known as the
A. interest rate effect. B. real-balance effect. C. open economy effect. D. aggregate balances effect.
Which statement is true?
A. Industry X has a higher Herfindahl-Hirschman Index than Industry Y.
B. Industry Y has a higher Herfindahl-Hirschman Index than Industry Z.
C. Industry Z has a higher Herfindahl-Hirschman Index than Industry X.
D. Industries X, Y, and Z have the same Herfindahl-Hirschman Index.
In the graph below LRTC = long-run total cost. The firm is experiencing:
A. Economies of scale
B. Diseconomies of scale
C. Constant returns to scale
D. Minimum efficient scale