Markets, Businesses, & Labor Unit Exam

Markets, Businesses, & Labor Unit Exam

12th Grade

25 Qs

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Markets, Businesses, & Labor Unit Exam

Markets, Businesses, & Labor Unit Exam

Assessment

Quiz

others

12th Grade

Practice Problem

Hard

Created by

Michael Kiess

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

1. Assume there’s a market with differentiated yet similar products and a very high level of competition among the many firms competing. What type of market structure does this scenario describe?

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

2.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

2. If a business is the only one selling a product in a specific market, then what type of market structure is this business in?

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

3.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

3. This market structure has the highest level of competition, and the price is completely determined by the forces of supply and demand.

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

4.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

4. If businesses in this type of market structure collude to set fixed prices, they are often called a cartel; this is illegal in the United States.

a. Perfect Competition
b. Monopolistic Competition
c. Oligopoly
d. Monopoly

5.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

5. Jimmy owns his own business selling guitar strings. He is the sole owner and assumes all profits and losses of the company. What type of business organization does Jimmy have?

a. Sole Proprietorship
b. Cooperative
c. Partnership
d. Corporation

6.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

6. Law firms are frequently organized this way; two or more owners split profits and losses.

a. Sole Proprietorship
b. Nonprofit
c. Partnership
d. Corporation

7.

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

7. These businesses have their stock available for purchase and anyone can become a shareholder. They face heavy taxation and close government regulation.

a. Sole Proprietorship
b. Nonprofit
c. Partnership
d. Corporation

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