Legal Responsibility In Partnership


1. In a partnership, legal responsibility for all debts of the partnership:

A) are shared by the stockholders.
B) are shared by the founding owners.
C) are limited to the investment in the partnership.
D) are shared by all the partners.

2. Suppose a combination of population growth and rising incomes increases both the demand for and the price of housing. In response, existing builders and new entrants construct more new housing. As the usage of timber outstrips the ability of forests to regrow, the price of timber rises. Consequently, the price of new housing rises. This scenario describes a(n):

A) industry in the trough.
B) declining industry.
C) increasing profitability industry.
D) increasing cost industry.


These multiple choice questions belong to Economics. The 1st question is about the legal responsibility in partnership and the 2nd question is about a scenario in housing.

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