Which of the Following Statements Is Correct

question 15

Multiple Choice

Which of the following statements is correct?

• A)A major disadvantage of a regular partnership or a corporation as a form of business is the fact that they do not offer their owners limited liability, whereas proprietorships do.
• B)An advantage of the corporate form for many businesses is the fact the corporate tax rate always exceeds the personal tax rate, which is the rate at which proprietorships and partnerships are taxed.
• C)There are more partnerships and sole proprietorships than corporations in the U.S., but corporations produce more goods and services than do other forms of business.
• D)Because corporations enjoy the benefits of limited liability, easy transferability of ownership interest, unlimited life, and favorable tax status relative to the situation for partnerships and proprietorships, most large businesses choose to incorporate.
• E)Because lawyers have the incorporation process so automated (e.g., word processors for drawing up the necessary papers), it is less expensive to form a corporation than to form a proprietorship or partnership.

Comprehend the basic principles of radioactive dating and its application in determining the age of fossils and rocks.

Identify appropriate samples for radioactive carbon and potassium dating techniques.

Grasp the formation and dating of sedimentary rocks and their significance in the fossil record.

Calculate the remaining amount of a radioactive isotope given its half-life and initial quantity.

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Definitions:

Limited Market

A market situation characterized by restricted customer base, geographic reach, or size, limiting the potential sales of a product or service.

Average Total Cost

The total cost divided by the quantity of output produced; a measure of cost per unit of output.

Maximum Profit

The highest possible financial gain that a firm can achieve from its operations.

Deadweight Loss

The decrease in economic performance that happens when a good or service fails to meet or cannot attain its optimal distribution point.