Unlimited liability exists when
A. the personal assets of the owner of a firm can be seized to pay off the firm's debts.
B. the profits of the firm are taxed once.
C. a firm dissolves when the owner dies.
D. a corporation exists.
Answer: A
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Suppose firms in Hong Kong can produce 40,000 plastic dolls or 80,000 squirt guns each week, while firms in Taiwan can produce 40,000 plastic dolls or 40,000 squirt guns each week. Therefore, when we compare the two groups:
A) the costs of production are the same in each country. B) the people in Hong Kong are the most efficient producers of both plastic dolls and squirt guns. C) the people in Taiwan produce plastic dolls with the same efficiency as Hong Kong. D) none of the above are true.
Kevin purchasing concert tickets with his debit card is an example of the ________ function of money
A) medium of exchange B) unit of account C) store of value D) specialization
The short-run supply curve of a perfectly competitive firm
A. intersects the minimum point of its short-run average total cost curve but not its short-run average variable cost curve. B. intersects the minimum point of its short-run average variable cost curve but not its short-run average total cost curve. C. intersects the minimum point of both its short-run average variable cost and its short-run average total cost curves. D. intersects the minimum point of its short-run average total cost curve and may or may not intersect the minimum point of its short-run average variable cost curve.
An increase in demand will increase total revenue: a. Always
b. Only if supply is relatively inelastic. c. Only if supply is relatively elastic. d. Only if supply is unit elastic.