Test #1 (Ch. 1-6) Part 1

Front

Brazil has experienced a reduction in the total value of its goods and services over the past year. This would most likely be reflected as a

Back

Decrease in Brazil's GDP

Front

Do S Corporations offer protection against personal liability?

Back

Yes

Front

According to a typical supply curve, what happens to the quantity supplied when the price of a good decreases?

Back

It decreases

Front

A merger between a supplier and a company in the same industry is referred to as

Back

Horizontal merger

Front

Which form of business ownership is characterized by limited liability and double taxation? Options: Corporation, Sole Proprietorship, Partnership, Limited Liability Company

Back

Corporation

Front

Which of the following is NOT considered one of the factors of production? Land, Labor, Capital, Deflation

Back

Deflation

Front

Do bankers evaluate an entrepreneur's credit history when deciding on a business loan application?

Back

True

Front

________ is a program that helps small businesses obtain financing through government-backed loans.

Back

SBIC

Front

What does a typical demand curve illustrate?

Back

As the price of a good decreases, the quantity demanded increases

Front

Which economic system prioritizes private ownership and market competition?

Back

Capitalism