PSCh003 - NAME: _ DATE: _ / _ / _ CHAPTERTHREEPROBLEMSET...

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: ________________________________________ DATE : ____ / ____ / ____ CHAPTER THREE PROBLEM SET Give the best answer to each of the following questions. 1. The diagram below is a representation of a market economy. a. What is the meaning of flow A? b. What is the meaning of flow B? c. Which flow captures the flow of individual income taxes? d. Which flow captures the flow of labor to produce goods? 2. Indicate whether each of the following statements best describes a corporation , a sole proprietorship , or a partnership : a. Liability is limited to the amount invested. b. Unlimited liability for oneself and one’s partner’s actions. c. Ability to share work and risks of ownership without issuing shares. d. Direct control by the owner. e. Most difficult to organize. f. Greater ability to secure funds from outside investors. g. Accounts for largest sales receipts in the United States. h.
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PSCh003 - NAME: _ DATE: _ / _ / _ CHAPTERTHREEPROBLEMSET...

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