Econ ALCOS 5-7 Review

The ___________ has peaks, contractions, troughs, and expansions.

• Circular flow

• Business Cycle

• Economic Growth Chart

• Monetary Policy

What is the healthy unemployment rate?

• 1%-3%

• 4%-6%

• 8%-10%

• None of the above

This type of unemployment exists due to technology taking the place of people working.

• Frictional

• Structural

• Cyclical

A business owned and operated by one person.

• sole proprietorship

• partnership

• corporation

• conglomeration

A retired bus driver decides to look for a job due to the spike in inflation. What type of unemployment is this?

• Frictional

• Structural

• Cyclical

The advantages of a sole proprietorship include which of these choices?

• Easy start up

• ease of management/flexibility

• don't have to share profits

• ease of getting out of business

What are the disadvantages of a sole proprietorship?

• Unlimited liability

• Difficulty in raising financial capital

• Size and efficiency

• Limited managerial experience

• Difficulty attracting qualified employees

A business owned by two or more people.

• Partnership

• Sole proprietorship

• Corporation

• Cartel

A partnership in which all owners share in operating the business and in assuming liability for the business's debts.

• General Partnership

• Limited Partnership

• Shared Partnership

• Grand Partnership

Form of partnership where one or more partners are not active in the daily running of the business and whose liability for the partnership's debt is restricted to the amount invested in the business

• limited partnership

• general partnership

• absolute partnership

• unlimited partnership