Compared to a proprietorship, an advantage of a partnership is
A. the ability to take advantage of greater specialization.
B. the limited liability of the partners.
C. that profits are not taxed twice.
D. double taxation.
Answer: A
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Social Security taxes are regressive because
A. they are not applied to income beyond a certain amount. B. they are applied to welfare recipients. C. they apply only to rich people. D. they are applied to retired people only.
Suppose the price change of a good causes no change in quantity demanded, we would say that the item is
A) perfectly elastic. B) perfectly inelastic. C) infinitely elastic. D) unitary elastic.
What is a Lorenz curve? How is it constructed?
What will be an ideal response?
Refer to the information provided in Figure 9.3 below to answer the question(s) that follow. 
Figure 9.3Refer to Figure 9.3. This firm's ________ point corresponds to point B.
A. profit maximizing B. profit minimizing C. shutdown D. break even