Lawn Care Business Quiz

You are starting a lawn care business. Which of the following would be a needed land resource?

• Hedge Clippers

• Lawns

• Lawnmower

• Oil

Why do purely competitive markets tend to benefit consumers over producers?

• Competition is driven by factors other than price.

• Companies work together to set prices favorable to consumers.

• Companies control quality and supply.

• Consumers control price through demand.

Jessica is a violinist who believes she can extend her method of learning music to early childhood education. She opens a preschool in her hometown, using her expertise to form an arts-based program. What factor of production is this?

• Entrepreneurship

• Capital

• Labor

• Land

A monopoly is a market for a good or service that

Your friends own a hair salon, buying it from a couple who decided to retire. Eventually your friends buy a shampoo company which they use to supply their salon at a lower cost. This is an example of

Which of these are considered capital resources?

• Ideas, tools, licensing process

• Factory, machines, investments

• Hiring process, truck, manager

• Money, employees, raw materials

What kind of business organization is easy to start and stop and involves sharing the workload, profits, and responsibilities?

• Corporation

• Partnership

• LCC

• Sole Proprietorship

The level of competition least beneficial to consumers is

• pure competition

• oligopoly

• monopolistic competition

Based on this chart, what is the marginal revenue, in dollars, at quantity five jackets?

• 13

• 52

• 64

• 12

An entrepreneur is best defined as a person who

• takes financial risk to try new business ideas

• is a role model for young Americans

• manages a business

• manages the finances of a large corporation