Disagreement between the partners during operation can result in:

Disagreement between the partners during operation can result in:
 a. Dissolution or reorganization of the business.
  b. sale of the business to a third party.
  c. one partner buying the other's assets.
  d. the admission of a new partner.

QUESTION 2

Corporate culture can be a strategic asset if it
 A) adds value.
  B) adds value and can be duplicated.
  C) adds value and cannot be duplicated.
  D) can be franchised.

QUESTION 3

The intersection of the market demand for labor and the market supply for labor determines the equilibrium wage rate.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 4

_____ have no decision-making powers but can lose no more than what they have invested.
 a. Limited partners in a limited partnership
  b. General partners in a limited partnership
  c. Senior managers in a joint venture
  d. Sole proprietors

QUESTION 5

Corporate cultures
 A) are part of a strategic plan.
  B) can limit the effectiveness of a merger.
  C) arise when transactions costs are very low.
  D) all of these choices.

QUESTION 6

As more workers are hired to harvest grapes in a vineyard, the fields become overcrowded. As a result, the marginal product of labor is likely to diminish.
 a. True
  b. False
  Indicate whether the statement is true or false

QUESTION 7

Which of the following properties is common to a partnership business?
 a. Limited liability
  b. Centralized ownership and management
  c. Continuity and unlimited existence of the business
  d. Co-ownership of contributed assets

QUESTION 8

The set of collectively held beliefs, values, and norms among the members of a firm that influence individual behavior is referred to as
 A) network values.
  B) horizontal values.
  C) implicit contracts.
  D) corporate culture.