An organization owned by two or more persons in which only one person has unlimited personal liability for the business:
a. cooperative
b. corporation
c. trade association
d. limited partnership
e. sole proprietorship
Answer: d. limited partnership
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The law of demand states that
A) people demand less at lower prices. B) the quantity demanded is directly related to price. C) the quantity demanded is inversely related to price. D) changes in price and changes in quantity demanded move in the same direction.
Economists observed the following growth rates in the fourth quarter of 1995: real GDP = 2.8 percent; M1 = 7.8 percent; GDP Deflator = 2.2 percent. Given this data, the growth of velocity was approximately
a. ?7.8 percent. b. ?5.0 percent. c. ?2.8 percent. d. ?2.2 percent. e. ?2.0 percent.
Kate is a professional opera singer who gives voice lessons. The vocal-music industry is competitive. Kate hires a business consultant to analyze her financial records. The consultant recommends that Kate give fewer voice lessons. The consultant must have concluded that Kate's
a. total revenues exceed her total accounting costs. b. marginal revenue exceeds her total cost. c. marginal revenue exceeds her marginal cost. d. marginal cost exceeds her marginal revenue.
All possible combinations of goods and services that can be produced given a countries resources assumes:
What will be an ideal response?