Unlimited liability means
a. a firm is always liable for damages when it is at fault
b. if a firm is sued, it has enough insurance to pay the damages
c. the owners are personally liable for all the debts of the firm
d. a corporation is not held liable for the stockholders' errors
e. a sole proprietor's own net worth cannot be used to pay debts
C
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Suppose planned expenditures exceed output. Explain how equilibrium is restored in this economy
What will be an ideal response?
When economists make
a. positive statements, they are speaking not as policy advisers but as scientists. b. positive statements, they are speaking not as scientists but as forecasters. c. normative statements, they are speaking not as policy advisers but as scientists. d. normative statements, they are speaking not as policy advisers but as model-builders.