Gary and Felix Are Partners in a General Partnership

question 14

Multiple Choice

Gary and Felix are partners in a general partnership.Gary does 2/3^rd of the partnership work,while Felix does 1/3^rd of the work.Last year the partnership earned $300,000 in profits.Under the RUPA,how much of the $300,000 is Felix entitled to receive?

• A) $200,000
• B) $150,000
• C) $100,000
• D) $250,000

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Definitions:

James Buchanan

An American economist known for his work on public choice theory, which explains how political decision-making processes affect economic policies, and the recipient of the Nobel Memorial Prize in Economic Sciences in 1986.

Public Choice Analysis

A field of economics that studies how economic theory and methodologies apply to the public sector, analyzing government behavior and decision-making processes.

Logically Consistent Theory

A theory in which the statements and principles are coherently aligned and do not lead to any contradictions or inconsistencies.

Individual Actors

Entities or persons that act independently within an economic system, making decisions based on personal interests or goals.