In a partnership, debts accumulated by one partner are
A. the responsibility of all of the other partners, up to the total value of the firm.
B. the responsibility of that partner only.
C. the responsibility of all of the other partners for the full amount of the debt.
D. the responsibility of that partner plus any partners who are actively involved in running the partnership.
Answer: C
You might also like to view...
In the Keynesian cross model, investment spending as a function of national income is a(n): a. horizontal line at a fixed level of expenditure
b. vertical line at a fixed level of real gross domestic product. c. upward-sloping curve. d. downward-sloping curve.
Which of the following statements is true for the U.S. economy?
a. Higher wages in the unionized sectors of the economy push up wages in the nonunion sectors as well. b. Inflation tends to accelerate when the proportion of the labor force that is unionized increases. c. Union workers currently receive wages that are 15 to 20 percent higher, on average, than similar nonunion workers. d. When we compare similar union and nonunion workers, we find virtually no difference in the wages they receive.
If there is a permanent increase in demand for the product of a perfectly competitive industry, the process of transition to a new long-run equilibrium will include:
a. the entry of new firms. b. Neither the entry of new firms nor temporarily higher profits is correct. c. temporarily higher profits. d. Both the entry of new firms and temporarily higher profits are correct.
New classical economists believe that if policy is correctly anticipated and if rational expectations hold, when the Fed increases the money supply the result will be a(n) ______________ in the price level and ____________________________
A) decrease; no change in Real GDP B) decrease; decrease in Real GDP C) increase; no change in Real GDP D) increase; increase in Real GDP