Asked by Vishal Sharma on May 22, 2024
Verified
Statement I: In Western Europe and the United States,the corporation became the dominant form of business enterprise by the second half of the 19th century.
Statement II: In the Islamic Middle East,the corporation first came into wide use in the latter part of the 18th century.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Corporation
A legal entity separated from its owners, providing limited liability protection, and capable of owning property, entering contracts, and being sued.
Islamic Middle East
A region predominantly influenced by Islamic culture, history, and religious practices, spanning countries in the Middle East where Islam is a major social and political force.
Western Europe
A region comprising the westerly countries of Europe, often including countries like France, Germany, the United Kingdom, Italy, Spain, and the Nordic countries.
- Analyze the role and evolution of corporations in the global economy, including during the Great Recession.
Verified Answer
FM
Frankie MartinezMay 27, 2024
Final Answer :
A
Explanation :
Statement I is true. The corporation became the dominant form of business enterprise in Western Europe and the United States by the second half of the 19th century. This was due to various factors, including legal changes and industrialization. Statement II is false. While the concept of the corporation existed in the Islamic Middle East before the 18th century, it did not come into wide use until the 20th century. Traditional forms of business, such as family-owned businesses and partnerships, remained dominant until relatively recently.
Learning Objectives
- Analyze the role and evolution of corporations in the global economy, including during the Great Recession.