Business Organizations and Market Structures

Business Organizations and Market Structures

8th - 12th Grade

20 Qs

quiz-placeholder

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Assessment

Quiz

History, Other

8th - 12th Grade

Practice Problem

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20 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In a general partnership,

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

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

An advantage of a corporation is that

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.

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Perfect competition is characterized by

a large number of sellers and buyers.
diverse products.
sellers acting together to set prices.
uninformed buyers and sellers.

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a 

geographic monopoly
natural monopoly
government monopoly
technological monopoly

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Under perfect competition,

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.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

When a major car company lowers its prices, other car makers will probably 

maintain existing prices.
raise their prices.
go out of business.
lower their prices.

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

A market structure in which one firm has a monopoly because of its location is a 

natural monopoly.
geographic monopoly.
technological monopoly.
government monopoly.

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