How do a sole proprietorship and a corporation differ?
A) Proprietorships have unlimited liability while corporations have limited liability.
B) Corporations face more taxes than do proprietorships.
C) Corporations can issue stocks and bonds, while proprietorships cannot.
D) All of these are differences between the two types of businesses.
D
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In the above figure, the economy is at point A and the money wage rate falls by 10 percent. If the price level is constant, firms will be willing to supply output equal to
A) less than $16.0 trillion. B) $16.0 trillion. C) more than $16.0 trillion. D) Without more information, it is impossible to determine which of the above answers is correct.
Refer to Figure 2-2. The linear production possibilities frontier in the figure indicates that
A) it is progressively more expensive to produce orchids. B) the tradeoff between roses and orchids is constant. C) Vidalia has a comparative disadvantage in the production of roses. D) Vidalia has a comparative advantage in the production of orchids.