Comparing proprietorships with partnerships, which is TRUE?
A) In both cases, profits are taxed only once.
B) Partnerships outnumber proprietorships 2-to-1 in the United States.
C) Proprietorships generally end with the death of the owner, but partnerships continue as long as at least one partner survives.
D) A proprietor faces unlimited liability for her firm's debts, but in a partnership each partner is only responsible for an even share of the firm's indebtedness.
A
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The precautionary demand for holding money arises because
A) people want be able to make unexpected purchases or to meet emergencies. B) credit cards charge low interest rates, which makes money more attractive than credit. C) expected transactions are completed more easily with debit cards than with credit cards. D) people would rather hold money in the form of time deposits than in the form of hard currency.
According to your textbook, the benefits of civilization are heavily dependent on
A) accurate numerical estimates by government officials of available resources and of basic consumption requirements. B) agreement among the members of society on the best means for achieving their goals. C) agreement among the members of society on the goals to be pursued. D) government planning for long-run economic growth. E) the ability to induce other people to cooperate.