Kent and Patrick have decided to start a landscaping business

Kent

Kent and Patrick have decided to start a landscaping business. One of the first things that they do is sign a document that describes the investments and responsibilities of the partners and makes provisions for the allocation of profits and dissolution of the business. What is the name of this document? a. articles of incorporation b. partnership charter c. partnership agreement d. corporate charter e. financial proposal Q11. What is the economic condition characterized by widespread increased prices without increased purchasing power? a. unemployment b. inflation c. expansion d. deflation e. recession Q12. A city of 150,000 people has a large commercial sector bringing in businesses from the surrounding region. In 2010, there was 2.75 million square feet of commercial space available. Five years later, after a building boom, there was 5.5 million square feet of commercial space available. Which effect will most likely occur? a. The equilibrium price of commercial real estate will not be affected. b. The increase in the supply of commercial real estate will lead to a corresponding increase in its price. c. The price of commercial real estate will decrease, absent a dramatic increase in demand. d. The increase in the supply of commercial real estate will lead to an increase in resource prices. e. The increase in supply will cause a corresponding increase in demand. Q13. Honata Automobiles is a South Korean-owned company. Honata has factories in Indonesia and Brazil. Which of the following is/are affected by the production of Honata automobiles? a. Indonesia, Brazil, and South Korea’s GDP b. Indonesia and Brazil’s GDP c. South Korea’s GDP d. Indonesia and Brazil’s GNP e. Indonesia, Brazil, and South Korea’s GNP Q14. The point at which the supply curve and the demand curve intersect is the market price. a. True b. False Q15. The customs, values, and demographic characteristics of the society in which an organization functions are the principal elements of the political-legal environment. a. True b. False Q16. If, in the long run, international trade improves the standards of living in participating countries, why might some countries want to place trade barriers such as extra taxes on imported products? a. Imported products compete with domestic products and thus put pressure on local business. b. Imported products are usually not as good quality as domestically made products. c. Generating government revenue is often more economically valuable than free trade. d. This is necessary to keep a country’s currency strong. e. International trade tends to lead to political tension. Q17. Which course of action should the Federal Reserve take if it wishes to reduce inflation and curb consumer spending? a. The Federal Reserve should buy securities. b. The Federal Reserve should sell securities. c. The Federal Reserve should decrease the reserve requirement. d. The Federal Reserve should lower the discount rate. e. The Federal Reserve should sell securities and lower the discount rate

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