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Economics Test 2

Authored by Michelle Ritualo

Social Studies

11th - 12th Grade

Used 12+ times

Economics Test 2
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21 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Perfect competition occurs in a market where there are many firms each selling:

identical products

similar products

a unique product

differentiated products

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A monopoly owned and operated by any level of government

geographic

natural

government

technological

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

This monopoly occurs when with a patent or copyright:

geographic

natural

government

technological

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Market structure with the MOST control over prices is

perfect competition

monopolistic competition

oligopoly

monopoly

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

A market structure that is controlled by a few, large firms is called

perfect competition

monopolistic competition

oligopoly

monopoly

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

The market structure that is most difficult to enter is called

perfect competitionn

monopolistic competition

oligopoly

monopoly

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What type of business has only one owner, who takes all the risks and keeps all the profits?

sole proprietorship

partnership

corporation

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