When a Sole Proprietor Dies

question 276

Multiple Choice

When a sole proprietor dies

• A) the sole proprietor's heirs have the option of taking over the business.
• B) the business is sold to a larger corporation.
• C) the company continues to function as it always has.
• D) the company always closes down.

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Definitions:

Government Size

The extent of involvement and intervention of the government in a country, typically measured by public expenditure as a percentage of GDP.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, generally measured by GDP.

Market Sector

A segment of the economy into which large groups of businesses and companies can be categorized based on their business activities.

Deadweight Losses

The loss of economic efficiency that can occur when equilibrium for a good or service is not achieved.