Unit 2 Macro Test Review

Unit 2 Macro Test Review

12th Grade

•

49 Qs

quiz-placeholder

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Unit 2 Macro Test Review

Unit 2 Macro Test Review

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Medium

Created by

Callie Porcher

Used 13+ times

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49 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A _______________ is a business owned jointly by two or more people. 

Partnership 
Corporation 
Limited Liability Corporation (LLC)
Sole Propirtorship

2.

MULTIPLE CHOICE QUESTION

1 min • 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

1 min • 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

1 min • 1 pt

Barry and two associates have been operating a business that is not going well. Barry is stressed out because the company is over $200,000 in debt and he knows that if it goes out of business, he and his two associates will have to pay it out of their own pockets. It sounds like Barry and his two associates have a 

partnership.
corporation.
sole proprietorship.
stock.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Mr. Simpson is liable for all the debts of his company. Mr.Simpson has which type of business organization?

sole proprietorship
monopoly
perfect competition
corporation

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which market has no competition?

perfect competition
oligopoly
monopoly
monopolistic competition

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which market structure is BEST indicated by the soda market?

monopoly
pure competition
oligopoly
natural monopoly

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