Which of the following statements about business organizations is TRUE?
A) Partnerships are more common than proprietorships and are responsible for a larger percentage of business receipts.
B) Proprietorships are more common than either partnerships or corporations but are responsible for the smallest share of total business receipts.
C) Corporations are larger in number than either proprietorships or partnerships and also receive a larger percentage of total business receipts.
D) Partnerships are larger than both proprietorships and corporations but are less numerous than corporations.
B
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All of the following are part of an economic model except
A) data. B) opinions. C) assumptions. D) hypotheses.
The division of labor facilitates productivity increases for all of the following reasons, except one. Which is the exception?
a. It allows people to do those tasks for which they have the greatest natural ability. b. Workers get better at tasks, the more they repeat them. c. The more experience workers gain by specializing in a task, the more likely they will enjoy that task. d. More sophisticated production techniques are introduced. e. The division of labor often permits the introduction of labor-saving machinery.
A real estate salesperson sells a house in 2015 that was built in 2005. How does this transaction get counted in the GDP statistics?
A. The price of the house and the real estate salesperson’s commission are both included in 2015’s GDP. B. Neither the price of the house nor the commission is included in 2015’s GDP. C. The real estate salesperson’s commission but not the price of the house is included in 2015’s GDP. D. The price of the house would be included in both 2005’s GDP and the GDP for 2015.
If the external costs of production are not taken into account, then production will
A) be less than socially desirable.
B) be more than socially desirable.
C) be the same since only prices are affected by externalities.
D) cease.