An advantage of a corporation is that
24-25 Economics Unit 3 Final Exam Review

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Social Studies
•
9th - 12th Grade
•
Hard
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23 questions
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1.
FLASHCARD QUESTION
Front
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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