The concept of limited liability
A) does not apply to a corporation.
B) means that the owners of a corporation have liability limited to the value of the shares in the firm.
C) means that owners of a firm are subject to double taxation.
D) limits the amount of specialization that can occur in a firm.
B
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In the above figure, illustrate the effect on the AS curve from an increase in the money price of a key resource such as oil
What will be an ideal response?
The graph shows the market for holiday condos in West Palm Beach. The equilibrium rent is ________ a week
A) any amount less than $1,550 B) any amount greater than $1,550 C) $1,550 D) $4,000 E) None of the above answers is correct.
ABC news in Australia reported that the average annual wage in 2008 was $13,308. To calculate the real wage rate in Australia, you would need to know
A) Australia's inflation rate between 2007 and 2008. B) Australia's price level in 2008. C) the core inflation rate in Australia in 2008. D) the exchange rate between the U.S. dollar and the Australian dollar.
Suppose that an economy produces civilian goods and military goods. If technological breakthroughs increase its ability to produce military goods, then
a. fewer military goods will be produced b. more civilian goods will be produced c. the opportunity cost of producing military goods will rise d. there will be productive inefficiency in the economy e. the production possibilities frontier will pivot outward around the axis for military goods