In Every Economic System, Choices Must Be Made Because Resources

question 148

Multiple Choice

In every economic system, choices must be made because resources

• A) are unlimited, but human desires and wants are limited.
• B) are limited, but human desires and wants are unlimited.
• C) are unlimited, and so are human desires and wants.
• D) are limited, and so are human desires and wants.

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Definitions:

Separate Taxable Entity

An entity that is recognized as separate from its owners for tax purposes, such as a corporation, and therefore must file its own tax returns.

Ownership Interest

A portion or share in the ownership of assets, such as real estate or a company, affording the holder certain rights like income or control.

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.