A government deficit occurs when
A) the government spends more than what it gets in taxes.
B) public goods are worth less than what was paid for them.
C) a government loses an election.
D) the government still has Treasury bonds to reimburse.
A
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Owners of ________ have unlimited liability
A) partnerships and corporations B) corporations C) proprietorships and partnerships D) partnerships, proprietorships, and corporations
Mary and Jane are partners in a business. Their business is growing but has not yet reached the point where they can afford a new delivery truck. Jane owns an old truck that she has not been using. She decides to donate it to their business for free
A) This transaction (donation) involves no economic cost. B) This transaction involves both economic cost and accounting cost. C) This transaction involves economic cost but no accounting cost. D) This transaction involves no economic cost and no accounting cost.