Merit Is Judged by One's Ability to Produce

question 138

Multiple Choice

Merit is judged by one's ability to produce

• A) what is considered useful by society.
• B) what is considered valuable by society.
• C) what is considered beneficial to society.
• D) all of the above.

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Definitions:

Corporation

A legal entity separate from its owners, providing them with limited liability, and which can own property, enter contracts, and sue or be sued.

Contract Law

The branch of law that deals with the creation, enforcement, and termination of contracts between parties.

Sole Proprietor

An individual who owns and operates a business by themselves, bearing full responsibility for its debts and legal actions.

Limited Liability

A legal structure where a person's financial responsibility for a company's debts and obligations is restricted to a fixed amount, typically their investment.