In a partnership
A. each partner's liability is limited to their investment in the company.
B. profits are taxed at both the corporate rate and the personal income tax rate.
C. there is a separation of ownership and management like in a corporation.
D. upon the death of a partner it may be necessary to sell the business.
Answer: D
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Social Security benefits, welfare payments, and farm support payments are examples of:
A. public interest payments. B. investment spending. C. consumption spending. D. transfer payments.
The short-run Phillips curve will shift if there is
A) a change in inflation expectations. B) an increase in inflation that is unanticipated. C) an increase in the unemployment rate. D) a decrease in inflation that is unanticipated.
If laborers become more efficient over time, and if the Ajax Company would want to expand production, they would
A) substitute capital for labor. B) hire more laborers. C) hire fewer laborers. D) produce less product.
The production possibilities frontier represents the boundary between attainable and unattainable prices of commodities
a. True b. False