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20 QuestionsShow answers
Question 1
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30 seconds
Q. In a general partnership,
answer choices
the business continues even if one partner dies
partners must pay specific business taxes on stock they issue
partners usually draw up legal papers called articles of partnership.
partners are only liable for the business' debt up to the amount of their investment
Question 2
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30 seconds
Q. An advantage of a corporation is that
answer choices
owners pay fewer taxes than owners of other forms of business.
the business is subject to little government regulation.
owners have limited liability for debt.
owners have direct and immediate control over daily management of the business.
Question 3
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30 seconds
Q. Perfect competition is characterized by
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a large number of sellers and buyers.
diverse products.
sellers acting together to set prices.
uninformed buyers and sellers.
Question 4
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30 seconds
Q. A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a
answer choices
geographic monopoly
natural monopoly
government monopoly
technological monopoly
Question 5
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30 seconds
Q. Under perfect competition,
answer choices
products are similar but not identical.
numerous restrictions prevent firms from entering the market.
no seller can sell a product above the prevailing market price.
a single seller can affect price.
Question 6
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30 seconds
Q. When a major car company lowers its prices, other car makers will probably
answer choices
maintain existing prices.
raise their prices.
go out of business.
lower their prices.
Question 7
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30 seconds
Q. A market structure in which one firm has a monopoly because of its location is a
answer choices
natural monopoly.
geographic monopoly.
technological monopoly.
government monopoly.
Question 8
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60 seconds
Q. Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a
answer choices
partnership.
corporation.
sole proprietorship.
stock.
Question 9
SURVEY
60 seconds
Q. Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pull their resources and start their own law practice together. The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a
answer choices
partnership
corporation
sole proprietorship
monopoly
Question 10
SURVEY
30 seconds
Q. Mr. Simpson is liable for all the debts of his company. Mr.Simpson has which type of business organization?
answer choices
sole proprietorship
monopoly
perfect competition
corporation
Question 11
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30 seconds
Q. Which market has no competition?
answer choices
perfect competition
oligopoly
monopoly
monopolistic competition
Question 12
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30 seconds
Q. Which market structure is BEST indicated by the soda market?
answer choices
monopoly
pure competition
oligopoly
natural monopoly
Question 13
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60 seconds
Q. If Mark Etts expresses a desire to sell his corn at a local farmer's market, he must be aware that the product is standardized and that he will have no control over the price. The market structure he is MOST likely participating in is
answer choices
monopolistic competition
oligopoly
perfect competition
monopoly
Question 14
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30 seconds
Q. Ramon decided to open his own software business. He borrowed money from a bank to buy computers and office equipment, and he hired one assistant. What is one DISADVANTAGE of Ramon's type of business organization?
answer choices
limited liability
ease of start-up
flexibility
unlimited liability
Question 15
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60 seconds
Q. Which scenario is an example of a monopoly?
answer choices
A local water company is the sole provider of water for a small town.
A dry cleaner specializes in environmentally friendly cleaning methods.
A farmer produces green beans for sale at a farmer's market.
A small number of cereal companies produce most of the cereal on the market.
Question 16
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30 seconds
Q. A market structure in which only one producer supplies a good that is in demand is called a
answer choices
monopoly.
oligopoly.
competition.
monopolistic competition.
Question 17
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60 seconds
Q. Which type of business organization has the advantage of limited liability but the disadvantage of less control over business decisions?
answer choices
perfect competition
partnership
sole proprietorship
corporation
Question 18
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30 seconds
Q. The MOST LIKELY reason for an entrepreneur to start a new business is
answer choices
to make a profit.
to risk financial failure.
to create a new social benefit.
to discover a new product.
Question 19
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30 seconds
Q. An industry that is dominated by a few large firms is
answer choices
monopolistic competition.
a monopoly.
perfect competition.
an oligopoly.
Question 20
SURVEY
45 seconds
Q. Bernice owns her own local gift shop. She acquired the necessary loans to open it, assumes all the financial risk herself, and makes all the decisions. It sounds like Bernice's business is a/an