<div style='margin-bottom: 20px;'> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What distinguishes public companies from private companies?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Public companies can sell shares to the general public, while private companies cannot.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is the primary objective of a firm in economic terms?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Profit maximization.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does a sole proprietorship differ from a company in terms of legal status?</h2> <p style="font-weight: normal; font-size: 1.2rem;">A sole proprietorship is not a legal entity, whereas a company is treated as an independent legal entity.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What common characteristic defines a partnership?</h2> <p style="font-weight: normal; font-size: 1.2rem;">The motive of earning profit through a common goal by two or more persons or entities.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What is the essence of economics according to the text?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Making decisions in the presence of scarce resources.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">What are alternative objectives a firm might pursue aside from profit maximization?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Sales, utility, welfare, and growth maximization.</p> </div> <div style="margin-bottom: 10px; background-color: #f2f2f2; border-radius: 1rem; padding: 10px 20px;"> <h2 style="font-weight: bold; margin-bottom: 3px; font-size: 1.5rem;">How does the legal responsibility of owners differ between limited and unlimited companies?</h2> <p style="font-weight: normal; font-size: 1.2rem;">Owners of limited companies are responsible for debts only up to the amount they invested, while owners of unlimited companies are responsible for all debts.</p> </div> </div>