In a partnership, debts accumulated by one partner are
A) the responsibility of that partner only.
B) the responsibility of that partner plus any partners who are actively involved in running the partnership.
C) the responsibility of all of the other partners for the full amount of the debt.
D) the responsibility of all of the other partners, up to the total value of the firm.
C
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Suppose the conditions of the first welfare theorem hold. If the government redistributes income prior to production and trade occurring, the market outcome (resulting from production and trade) will be efficient so long as no deadweight loss is produced in the levying of redistributive taxation.
Answer the following statement true (T) or false (F)
If General Motors is earning only a normal profit,
a. it is making economic profit b. it is breaking even c. it is suffering an economic loss d. it is covering only explicit costs e. it is covering only implicit costs
If the Federal Reserve Banks goal was to use open market operations to expand the economy it could move from:
A. MS1 to MS3
B. MS3 to MS2
C. MS4 to MS3
D. MS2 to MS1
A group of buyers and sellers with the potential to trade with each other is known as a(n)
a. trading bloc b. cartel c. market d. industry e. sector