In a partnership, debts accumulated by one partner
A) are the responsibility of that partner only.
B) are the responsibility of the other partners as well.
C) are the responsibility of all the employees of the partnership, regardless of whether those employees are partners.
D) are the responsibility of the other partners only up to the amount each partner initially invested in the partnership.
Answer: B
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Excess reserves
A. Are loans made at above market interest rates B. Are reserves banks keep above the legal requirement C. Are reserves banks keep to meet the reserve requirement
When economic profits in an industry are zero and implicit costs are positive: a. accounting profits will be greater than zero
b. resources will be attracted to the industry. c. resources will not tend to either enter or leave the industry, other things equal. d. both (a) and (c) will be true.