Mention some areas where partnerships are common. Give reason for your answer
The areas where partnerships are common include single-purpose ventures where the scope for disagreement is likely to be small and long-term plans need not be made, for example, the purchase and remodeling of a building that the partners intend to resell. Professional group practices in medicine, law, and accounting, are another example. Partners in such groups will have similar backgrounds and skills, and each of their incomes will largely be determined by individual effort. It is thus relatively easy to evaluate potential new partners, to change existing agreements that treat partners symmetrically, and to evaluate an individual partner's performance.
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According to the short-run Phillips curve, which of the following would result in high rates of unemployment?
A) strong increases in aggregate demand B) strong increases in aggregate supply C) a higher inflation rate D) a lower inflation rate
Economists use the term shocks to mean
A) unexpected government actions that affect the economy. B) typically unpredictable forces that have major impacts on the economy. C) sudden rises in oil prices. D) the business cycle.
Which of the following describes the market structure of monopoly?
a. many firms with some control over price, and considerable product differentiation b. many firms with no control over price, producing identical products with no differentiation c. a few firms with some control over price, producing similar products which are close substitutes d. a few firms with no control over price, producing highly differentiated products e. a single firm producing all of the output for the industry
Efficient allocation of resources makes everyone better off.
Answer the following statement true (T) or false (F)