Disadvantages of a Partnership Include

question 41

Multiple Choice

Disadvantages of a partnership include:

• A) Limited life.
• B) Mutual agency.
• C) Unlimited liability.
• D) Co-ownership of property.
• E) All of these answers are correct.

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Definitions:

Inflationary Gap

The difference between the actual level of output in an economy and the output level needed to achieve full employment without inflation.

Budget Surplus

A situation where income or revenues exceed expenditures over a specified period of time.

Aggregate Demand

Aggregate demand represents the total demand for goods and services within an economy at a given overall price level and time period.

John Maynard Keynes

A British scholar in economics whose contributions had a profound impact on how macroeconomics is understood and applied by governments.