Answered: 1. ) Which of the following describe/s…

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter16: Public Goods And Public Choice

Section: Chapter Questions

Problem 4.10P

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1. ) Which of the following describe/s the regulatory purpose of taxation

a. Collection of Income Taxes

b. Imposing excise taxes for cigarettes and alcohols

c. Collection of business taxes

2.)

Which of the following is excluded in the definition of corporation

a. One person corporation

b.Associations

c. General Professional Partnerships

d. Joint Stock Companies

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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