[5] The largest percentage of household spending is used to:

A) pay taxes.

B) purchase services.

C) purchase durable goods.

D) purchase nondurable goods.

[6] An example of a durable good is:

A) a haircut.

B) an automobile.

C) a three-week trip to Italy.

D) a box of Girl Scout cookies.

[7] A general partner in a partnership:

A) cannot by law receive a salary.

B) is the founding member of the company.

C) has unlimited liability for the business' debts.

D) answers only to the partnership's stockholders.

[8] The economic goal of an individual is to maximize his/her:

A) profit.

B) income.

C) economic well-being.

D) consumption of goods and services.

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