
Econ Exam
Authored by Olivia Mettee
Social Studies
12th Grade
Used 7+ times

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51 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the factors of production? and what is meant by each?
land: oil, water, and forests
labor: work
capital: human made/ knowledge made
entrepreneur
2.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
what happens in a factor market?
Factors of production are bought and sold including land labor and capital.
Physical flow is outputed from households and imported to firms and monetary flow is outputed from firms into households.
Physical flow is outputed by firms and inputted into households
monetary flow is outputted by households and imported into firms
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What happens in a product market?
Physical flow is outputed by firms and inputted into households whereas monetary flow is outputted by households and imported into firms
Demand for product markets comes primarily from households
Different kinds of firms sell goods
wages and rents contribute into product markets
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
what is a vertical merger?
two separate companies who sell different products form a merger and create a product together
two competing companies merge to increase market share and end competition
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
what is a horizontal merger?
two competing companies merge to increase market share and end competition
two separate companies who sell different products form a merger and create a product together
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the advantages of a partnership?
limited liability
flexibility in financing
the owners can deduct losses
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
what is the advantage of a corporation?
limited liability
the owners can deduct losses
flexibility in financing
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