An advantage of the partnership form of business organization is
A) its limited liability.
B) its limited access to capital, thus reducing the possible size of debt.
C) the ability of its owners to specialize.
D) that it is difficult to start up, because a lot of thought has to go into the establishment of the firm.
Answer: C
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The contribution of ________ to federal tax receipts is larger than the contribution of ________
A) personal income taxes; corporate income taxes B) corporate income taxes; payroll taxes C) corporate income taxes; personal income taxes D) excise taxes; social insurance taxes
From society's point of view, the economic function of profits is to:
A. direct resources in response to changes in the economy. B. equalize incomes. C. ensure that the rich get richer. D. provide revenues to pay high wages.
The most basic concept of economics is
A. scarcity. B. shortage. C. bounded rationality. D. money.
If we observe that interest rates rise but real investment spending still increases, what must have happened to the function relating investment to the interest rate?
A. It shifted to the left. B. There was a movement up the function relating investment to the interest rate. C. It shifted to the right. D. There was a movement down the function relating investment to the interest rate.