11. what is the primary difference between general partnerships and limited partnerships? a. there is no…

11. what is the primary difference between general partnerships and limited partnerships? a. there is no difference b. general partners provide capital, limited partners manage the business c. limited partners face full liability d. general partners manage the business, limited partners have limited involvement 12. how do quotas protect domestic industries? a. by limiting the amount of imports b. by reducing demand c. by reducing production costs d. by allowing unlimited imports

11. what is the primary difference between general partnerships and limited partnerships? a. there is no difference b. general partners provide capital, limited partners manage the business c. limited partners face full liability d. general partners manage the business, limited partners have limited involvement 12. how do quotas protect domestic industries? a. by limiting the amount of imports b. by reducing demand c. by reducing production costs d. by allowing unlimited imports

Answer

Brief Explanations:

  1. In a general - partnership, all partners are involved in managing the business and have unlimited liability. In a limited - partnership, general partners manage the business and have unlimited liability, while limited partners have limited involvement (usually just providing capital) and limited liability. So, for question 11, option d is correct.
  2. Quotas are restrictions on the quantity of goods that can be imported. By limiting imports, domestic industries face less foreign competition, which helps protect them. So, for question 12, option a is correct.

Answer:

  1. d. General partners manage the business, limited partners have limited involvement
  2. a. By limiting the amount of imports