In 2012, U

question 111

Multiple Choice

In 2012, U.S. national output per person was equal to about:

• A) $15.7 billion
• B) $43,000
• C) $50,000
• D) $12,000
• E) $80,000

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Definitions:

Unlimited Liability

A legal situation in which the owners of a business are personally responsible for all the debts and liabilities of the business.

Double Taxation

The imposition of taxes on the same income, asset, or financial transaction at two different levels of government, such as corporate income being taxed first at the corporate level and then at the shareholder level when dividends are paid.

Double Taxation

The imposition of taxes on the same income, asset, or financial transaction at two different levels of government, often seen with corporate earnings taxed at both the corporate level and again as shareholder dividends.