In a partnership of two people
A) each person has 50 percent liability.
B) it is more difficult to specialize with two persons than with one.
C) each person has unlimited liability.
D) the law releases each partner from legal liabilities.
Answer: C
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A tariff is better than a quota because
A. it does not distort trade as much. B. quotas are inflexible. C. tariffs produce tax revenue. D. quotas hurt domestic producers; tariffs hurt foreign producers.
The reward offered to households to refrain from spending their income on current consumption and instead save their income is
a. rent b. credit c. utility d. interest e. forgone utility
The Federal Reserve System is run by the President of the United States
a. True b. False Indicate whether the statement is true or false
The change in the interest rate due to a change in the supply of loanable funds is referred to as the __________ effect
A) income B) expectations C) liquidity D) real