Unit 3 Economics Review

Unit 3 Economics Review

12th Grade

15 Qs

quiz-placeholder

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Unit 3 Economics Review

Unit 3 Economics Review

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

TIMOTHY BALASA

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Advantage of a sole proprietorship include: - ease of formation - total ownership of profit - total control of business decisions - All of the above

ease of formation

total ownership of profit

total control of business decisions

All of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A business that is legally distinct from its owners and considered an entity in its own right is a:

corporation

partnership

proprietorship

franchise

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The owners of a corporation are:

its stockholders

its president

its employees

its board of directors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The disadvantages of proprietorships include unlimited liability, limited ability to raise funds, and....

limited life of the business

difficulty in forming

possibility for conflict

double taxation of profits

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following business organizations combines two or more people's specialization with equal decision making authority?

partnership

sole proprietorship

corporation

franchise

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In a perfectly competitive market, products must be

identical

slightly different

unique

all of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When a single producer has complete control over one kind of good or service, the market structure is called

monopoly

oligopoly

monopolistic competitive

perfectly competitive

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