24-25 Economics Unit 3 Final Exam Review

24-25 Economics Unit 3 Final Exam Review

Assessment

Flashcard

Social Studies

9th - 12th Grade

Hard

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23 questions

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1.

FLASHCARD QUESTION

Front

An advantage of a corporation is that

Back

owners have limited liability for debt.

2.

FLASHCARD QUESTION

Front

Perfect competition is characterized by

Back

a large number of sellers and buyers.

3.

FLASHCARD QUESTION

Front

Under perfect competition, no seller can sell a product above the prevailing market price.

Back

no seller can sell a product above the prevailing market price.

4.

FLASHCARD QUESTION

Front

Susan, Phil, Robert, and Martina are all lawyers. After several years of working for big firms, they decide to pool 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

Back

partnership

5.

FLASHCARD QUESTION

Front

Mr. Simpson is liable for all the debts of his company. Mr. Simpson has which type of business organization? Options: sole proprietorship, monopoly, perfect competition, corporation

Back

sole proprietorship

6.

FLASHCARD QUESTION

Front

Which market has no competition? Options: perfect competition, oligopoly, monopoly, monopolistic competition

Back

monopoly

7.

FLASHCARD QUESTION

Front

If Mark Etts expresses a desire to sell his corn at a local farmer's market, he must be aware that the product is identical and that he will have no control over the price. The market structure he is MOST likely participating in is

Back

perfect competition

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