When compared to a sole proprietorship, a disadvantage of the partnership form of business organization is that there
a. is reduced access to capital resources
b. is limited liability
c. is shared liability with each partner for all the firm's debts
d. can only be two partners
e. are fewer opportunities to expand output
C
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Which of the following applies to money when it serves as a store of value?
I. Money is a store of value because it is an agreed measure for stating goods' prices. II. The more stable money's value, the better it serves as a store of value. III. When money serves as a store of value, it requires a double coincidence of wants. A) I only B) II only C) I and II D) II and III
It is sometime useful to view each step in the supply chain as a(n)
A) single market. B) integrated process. C) horizontal process. D) vertical process.
Suppose you are the manager of a local water company, and you are instructed to get consumers to reduce their water consumption by 10 percent. If the price elasticity of demand for water is 0.25, by how much would you have to raise the price of water?
A. 10 percent B. 25 percent C. 40 percent D. 100 percent
A period of very rapid increases in the overall price level is known as
A. depression. B. hyperinflation. C. stagflation. D. stagnation.