Which of the Following Statements About the Economic Decisions Consumers

question 229

Multiple Choice

Which of the following statements about the economic decisions consumers, firms, and the government have to make is false?

• A)Governments face the problem of scarcity in making economic decisions.
• B)Only individuals face scarcity; firms and the government do not.
• C)Both firms and individuals face scarcity.
• D)Each faces the problem of scarcity which necessitates trade-offs in making economic decisions.

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Definitions:

Continuation Agreement

An agreement to extend the terms of a contract or arrangement beyond its original expiration date, often with some modifications.

Partnership Agreement

A contract between partners in a business that outlines the terms of the partnership, including contributions, management, and profit distribution.

Noncontinuing Partner

A member of a partnership who decides to leave, dissolve their interest, or is otherwise no longer part of the ongoing business.

Dissolution

The process of legally dissolving a corporation or partnership, ending its existence as a recognized legal entity.