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Unit 2 Quiz: Circular Flow-Biz Orgs-Market Structures

Total questions: 25

Worksheet time: 52mins

Name
Class
Date
1.

Point B represents

a)

Product Market

b)

Factor Market

c)

Individuals

d)

Businesses

2.

What are the four main parts of the circular flow diagram?

a)

Product Market, Stock Market, Factor Market, Fish Market

b)

Product Market, House Market, Factor Market, Good Market

c)

Factor Market, Product Market, Households, Firms

d)

Factor Market, households, Stock Market, super market

3.

Where are factors of production (land, labor, etc) exchanged in the circular flow model?

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

4.

Arrows 4 and 7 on this circular flow diagram demonstrate

a)

expenditures

b)

finished goods and services

c)

factors of production

d)

factor payments

5.

With respect to the circular flow model, businesses provide households with which of the following?

a)

taxes and interest

b)

labor and taxes

c)

goods, services, and incomes

d)

public goods and transfer payments

6.
Which of the following is an advantage of a partnership? 
a)
they are hard to start
b)
management is hard between two or more people
c)
 partnerships can usually attract financial capital more easily than proprietorships.
d)
They are inefficient. 
7.
Which of the following is a disadvantage of a corporation?
a)
it is easy to raise financial capital using stocks, bonds, or loans. 
b)
 the double taxation of corporate profits. Profits are taxed the first time when the corporation pays income taxes. The profits are taxed a second time when shareholders pay taxes on their dividends.
c)
it is easy to get a charter to start a corporation. 
d)
Owners and shareholders have total control over what happens with the business. 
8.
Partners who are only responsible up to the extent of their investment
a)
limited partnership
b)
trading partnership
c)
non-trading partnership
d)
special partnership
9.

A merger is

a)

Two business agreeing to becoming one new business

b)

One business buying shares in another business

c)

One business taking over control of another business

d)

Two businesses co operating with each other.

10.

A corporation is a business for which ownership is divided into shares or stocks that may be bought and sold through a stock exchange.

a)

True

b)

False

11.

The shareholders may receive a part of the company's annual profit, if there is one, in the form of a dividend.

a)

True

b)

False

12.
Nike, Google and Apple are examples of.....
a)
Sole Proprietorships
b)
Partnerships
c)
Corporations
d)
Franchises
13.
A holder or owner of stock in a company or corporation.
a)
stock market
b)
shareholder
c)
portfolio
d)
industry
14.
Why does no one firm dominate in a perfect competition?
a)
No firm wants to
b)
Each firm sells to different people
c)
Each firm produces so little of the total supply that they cannot influence prices
d)
One firm will eventually dominate and make it a monopoly
15.
An industry that is dominated by a few large firms is 
a)
monopolistic competition.
b)
a monopoly.
c)
perfect competition.
d)
an oligopoly.
16.
The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)
a)
monopoly
b)
oligopoly
c)
perfect competition
d)
monopolistic competition
17.

Public utilities are an example.

a)

Perfect Competition

b)

Natural Monopoly

c)

Monopolistic Competition

d)

Oligopoly

18.
If Nike and Adidas merge, it would be a _____________ merger
a)
horizontal
b)
vertical
c)
insane
d)
ladder
19.
An oil driller, oil refinery, and gas company merge.... this is a ________________ merger
a)
horizontal
b)
vertical
c)
inappropriate
d)
monopolistic
20.
Perfect competition is characterized by
a)
a large number of sellers and buyers.
b)
diverse products.
c)
sellers acting together to set prices.
d)
uninformed buyers and sellers.
21.
A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a 
a)
geographic monopoly
b)
natural monopoly
c)
government monopoly
d)
technological monopoly
22.
A market structure in which one firm has a monopoly because of its location is a 
a)
natural monopoly.
b)
geographic monopoly.
c)
technological monopoly.
d)
government monopoly.
23.
Ramon decided to open his own software business. He borrowed money from a bank to buy computers and office equipment, and he hired one assistant. What is one DISADVANTAGE of Ramon's type of business organization? 
a)
limited liability
b)
ease of start-up
c)
flexibility
d)
unlimited liability
24.

What letter on the graph represents the proper location for the market structure “oligopoly”?

a)

W

b)

Y

c)

X

d)

Z

25.

On an average shopping trip, a consumer’s eye lingers on a product for only about 2.5 seconds. In order to stay competitive, companies experiment with new formulas, along with the color and size of the product’s packaging. These research and development costs can range from $100,000 for adding a new color to an existing product line to millions of dollars for the creation of a new product.


According to the passage, companies are trying to compete through

a)

economies of scale

b)

collusion

c)

price-fixing

d)

non-price competition

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