What characteristic is shared by both sole proprietorships and partnerships?
a. They both tend to be large businesses.
b. They both face unlimited liability.
c. They both have just one owner.
d. They both face limited liability.
e. They both have just two owners.
B
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Assume a money multiplier of 2. If the Treasury finances a $10 million expenditure by selling securities to the Fed, bank reserves will
A) remain unchanged. B) rise by $5 million. C) rise by $10 million. D) rise by $20 million.
Consolidation in an industry can be a good thing if larger firms are more efficient at producing products at a lower price.
a. true b. false
The long-run Phillips curve:
A. is downward sloping. B. is upward sloping. C. shows there is no tradeoff between unemployment and inflation. D. is horizontal at the natural rate of inflation.
If the nominal interest rate on a one-year loan was 7%, the actual inflation rate over the year was 3% and the expected inflation rate over the year was 2.5%, then the expected real interest rate equals
A. 3.75%. B. 3.5%. C. 4.5%. D. 4.0%.