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- 1. Multiple Choice
Perfect competition is characterize by:
a large number of sellers and buyers
sellers acting together to set prices
diverse products
uninformed sellers and buyers
- 2. Multiple Choice
Under perfect competition,
products are similar but not identical
no seller can sell a product above the prevailing market price.
a single seller can affect price
numerous restrictions prevent firms from entering the market.
- 3. Multiple Choice
Which market has no competition?
perfect competition
monopoly
oligopoly
monopolistic
- 4. Multiple Choice
A perfect competitive firm charges a price that is:
different to other firms
lower than other firms
higher than other firms
similar to other firms
- 5. Multiple Choice
Which of the following is NOT a characteristic for perfect competition
no barriers to entry and exit
perfect information
large firms
homogenous products
- 6. Multiple Choice
In perfect competition restrictions, on entry to an industry
apply to labor but not to capital
apply to both capital and labor
does not exist
apply to capital but not to labor
- 7. Multiple Choice
In this market structure there is only one seller with a unique product
monopoly
monopolistic competition
perfect competition
oligopoly
- 8. Multiple Choice
The airline industry is most likely in the market structure called:
perfect competition
monopolistic competition
oligopoly
monopoly
- 9. Multiple Choice
Which business is the easiest to form?
partnerships
conglomerates
corporations
sole proprietorships
- 10. Multiple Choice
In a perfect economy with perfect competition sellers
enter and exit the market freely
join with other sellers to influence prices
control prices
have incomplete information about market conditions
- 11. Multiple Choice
Some examples of homogenous products include:
electronics
clothing product
furniture
agricultural products, such as milk and eggs
- 12. Multiple Choice
Which of the following are advantages of setting up partnerships
more than one investor
only one person makes decisions
partners may have different skills
if a partner leaves suddenly the business no longer exists
- 13. Multiple Choice
An association of two to twenty individuals operating a business to make a profit is called:
joint venture
franchise
sole trader
partnership
- 14. Multiple Choice
The type of business where the owner keeps all the profit.
franchise
sole trader
partnership
cooperatives
- 15. Multiple Choice
A franchisee must give the franchisor:
products
start up fees
business ideas
employees
- 16. Multiple Choice
An organization which is formed voluntarily by a group of people to conduct economic activities that are beneficial to the needs and aim of its members.An organization which people to economic activities that are beneficial to the need and af its members.
conglomerate
franchise
cooperative
private limited company
- 17. Multiple Choice
When one company absorbs another, this is called?
conglomerate
limited
general
merger
- 18. Multiple Choice
A business that has a parent company in one country with branches in other countries.
conglomerate
cooperative
franchise
sole trader
- 19. Multiple Choice
Private limited companies are owned by:
sole traders
shareholders
partners
the government
- 20. Multiple Choice
Anatol Rodgers High and Flamingo Gardens Community Clinic are in which sector of the economy.
private sector
third sector
tertiary sector
public sector
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