A partnership is a business:
A. that has only one owner.
B. legally treated as a person and owned by stockholders who are not liable for the actions of the corporate "person."
C. in which each owner is liable only to the extent of his or her own investment.
D. with two or more owners, with each owner liable for every other owner's actions.
Answer: D
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Using the data in the table above, the equilibrium quantity and equilibrium price for a stapler is
A) 10,000 and $8. B) 90,000 and $8. C) 100,000 and $5. D) 70,000 and $6. E) 60,000 and $5.
Elasticity measures
A) the slope of a demand curve. B) the inverse of the slope of a demand curve. C) the percentage change in one variable in response to a one percent increase in another variable. D) sensitivity of price to a change in quantity.
If the rich pay more in taxes than the poor, the tax system must be progressive
a. True b. False Indicate whether the statement is true or false
Figure 5-7
In Figure 5-7, budget line B compared to A clearly shows that the
a.
price of wine increased.
b.
price of beer decreased.
c.
price of beer increased.
d.
consumers' money income increased.