A Business Formed by Two or More Individuals Who Each

question 38

Multiple Choice

A business formed by two or more individuals who each have unlimited liability for business debts is called a:

• A) corporation.
• B) sole proprietorship.
• C) general partnership.
• D) limited partnership.
• E) limited liability company.

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Definitions:

Labor Demand Data

Information and metrics related to the number of workers employers are willing and able to hire at different wage levels, across various industries or the economy as a whole.

Labor Supply Data

Information regarding the number of individuals available to work, including their skills and wage requirements.

Marginal Product

The additional output that is produced as a result of employing one more unit of a particular input, keeping other inputs constant.

Labor Demand Data

Information that represents the number of workers that firms are willing and able to hire at various wage levels.