Suppose That Corn Is the Unit of Account in a Certain

question 3

Multiple Choice

Suppose that corn is the unit of account in a certain economy.If a pair of tennis shoes exchanges for two bushels of corn and a pair of hiking boots exchanges for twelve bushels of corn,then

• A)whether or not a double coincidence of wants exists,all trades have to be made using corn
• B)with one pair of tennis shoes,a person will be able to purchase twelve pairs of hiking boots
• C)with one pair of tennis shoes,a person will be able to purchase six pairs of hiking boots
• D)with twelve pairs of tennis shoes,a person will be able to purchase one pair of hiking boots
• E)with six pairs of tennis shoes,a person will be able to purchase one pair of hiking boots

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Definitions:

General Partners

Individuals or entities that participate in the management of a partnership and have unlimited personal liability for the debts and obligations of the partnership.

Limited Partners

Individuals in a partnership who have limited liability to the extent of their investment in the company and do not participate in day-to-day management.

Limited Partner

A partner in a business venture who doesn't participate in daily operations and whose financial responsibility is capped at their investment level.

Limited Partnership

A limited partnership is a business structure with at least one general partner, who manages the business and is fully liable, and one or more limited partners, whose liability is restricted to their investment.