Suppose that Tracy and Pat start a business. Because of a series of bad decisions by Tracy, the company goes bankrupt, owing a total of $50,000. Tracy is penniless and Pat is a millionaire
If the company were organized as a partnership, Pat would be responsible for A) over $1 million of debt.
B) $50,000 of debt.
C) $25,000 of debt.
D) $0 of debt.
B
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East Asia's crisis was relatively long lived because
A) East Asia's financial institutions had encouraged borrowing all together. B) East Asia's financial institutions had encouraged heavy borrowing in local currency. C) East Asia's financial institutions had extended low-interest loans. D) East Asia's financial institutions had extended high-interest loans. E) East Asia's financial institutions had encouraged heavy borrowing in dollars.
The ________ traces out the points for which total quantity of goods produced equals total quantity of goods demanded
A) LM curve B) IS curve C) consumption function D) investment schedule