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SSEMI1 & SSEMI3 Test Review

Total questions: 49

Worksheet time: 29mins

Name
Class
Date
1.

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

2.

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

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

3.

Where do factors of production (land, labor, etc) come from in the circular flow model?

a)

Factor Market

b)

Product Market

c)

Firms

d)

Individuals

4.

In the circular flow diagram firms pay wages for which factor of production?

a)

Land

b)

Labor

c)

Entrepreneurship

d)

Raw materials

5.

A person stocks shelves at a grocery store and receives a wage. They have completed an exchange in which part of the circular flow model?

a)

Individuals

b)

Businesss

c)

Factor Market

d)

Product Market

6.

Someone buys a car in exchange for a large amount of money. They have completed an exchange in which part of the circuclar flow model?

a)

Product Market

b)

Factor Market

c)

Firms

d)

Individuals

7.
Which statement is true about the circular flow diagram?
a)
A  Households are demanders in the product market and suppliers in the factor market
b)
A  Business are demanders in the product market and suppliers in the factor market.
c)
A  Households are demanders in the factor market and suppliers in the product market.
d)
 A  Businesses and households are not components of the circular flow diagram.
8.

Goods and services are sold in the ___ market

a)

Factor

b)

Product

c)

Illegal

d)

Black

9.
Steel Beam Inc. is looking to purchase a new steel-processing machine and factory. In the circular flow diagram, this transaction will take place in the
a)
Product market.
b)
Resource market
c)
Foreign Exchange market
d)
Public market
10.
The circular flow model of a market economy shows
a)
how profits are made
b)
what inputs are required for what outputs
c)
how many firms can support the needs of how many households
d)
the interactions between households and  firms in the free market
11.
In the circular flow model, what do individuals sell to the factor market
a)
Services
b)
Money
c)
Productive Resources
d)
goods
12.
Place where buyers and sellers meet to exchange goods and services for money
a)
Market
b)
Factor of production
c)
Money
d)
Interdependent
13.
What is being represented by the "red flow line"
a)
The flow of money
b)
The flow of goods and services
c)
Taxes
d)
Productive resources
14.

What does A represent on the Circular flow diagram?

a)

Factor market

b)

Firm/businesses

c)

Product market

d)

Households

15.

What does D represent on the Circular flow diagram?

a)

Factor market

b)

Product market

c)

Resource market

d)

Households

16.

What does B represent on the Circular flow diagram?

a)

Resource market

b)

Product market

c)

Stock market

d)

Factor market

17.

What does C represent on the Circular flow diagram?

a)

Apartments

b)

Households

c)

Firms

d)

Businesses

18.

What are firms in the circular flow diagram?

a)

a group of lawyers who work together as a business.

b)

solidly in place and stable

c)

the suppliers of the four factors of production

d)

the producers of goods and services

19.

Melissa has a large rural property where she grows pine trees and sells them to Big Paper Company.

1. Seller?

2. Which market did the exchange occur in?

3. Melissa was part of which sector?

4. The money was paid to?

a)

1. Pine trees

2. Resource market

3. Household

4. The household sector

b)

1. Melissa

2. Resource market

3. Household

4. The household sector

c)

1. Melissa

2. Resource market

3. Firms

4. The household sector

d)

1. Melissa

2. Product market

3. Firms

4. The household sector

20.
Amy is excited because she just opened her own consulting firm. Amy loves being her own boss and not having to consult with anyone else before she makes decisions.  Eventually, She even hopes to incorporate and enjoy some additional tax advantages. The only downside is t that she has invested all the money herself.  If the business fails, she could go bankrupt. What kind of business does Amy own? 
a)
Sole Proprietorship
b)
Partnership
c)
Cooperative
d)
Corporation
21.
An industry dominated by a few large firms is
a)
Monoplistic
b)
Monopolistic-ally competitive
c)
Oligopolistic
d)
Perfectly competitive
22.
Darren owns his own plumbing business. He spends some of his company's profits on new pipes and tools.  Jennifer then hires Darren and his assistant to install a new septic tank in her back yard.  Which of the following statements is  TRUE?
a)
Darren is labor and Jennifer is entrepreneur
b)
Darren is the entrepreneur, Jennifer's yard is the land, and Darren's assistant represents capital
c)
Darren bought his tools in a factor/Resource market and Jennifer paid for his services in a product market
d)
Darren's company reprsents a household
23.
Taylor is thinking of leaving the big corporation he works for and starting his own firm.  He comes to you for advice and asks you what you think.  As a friend, you might want to warn Taylor that starting his own firm will mean that he has
a)
no risk
b)
to be prepared to sell stock in his company
c)
unlimited liability
d)
no way to get a loan
24.
Susan, Phil, Robert, and Martina are all lawyers.  After several years of working for big firms, they decide to pull their resources and start their own law practice together.  The four of them will make all their business decisions together and will share all of the profits and financial risk. Their new law firm is a 
a)
Sole proprietorship
b)
Major corporation
c)
Partnership
d)
Franchise
25.
What is the main difference between pure competition and monopolistic competition?
a)
Firms in pure competition make more profits
b)
Firms in pure competition rely more heavily on advertising
c)
Firms in pure competition have no substitutes to their goods
d)
Firms in pure competition are selling nearly identical, rather than differentiated goods
26.
Which is not a type of business organization?
a)
Monopoly 
b)
Partnerhsip
c)
Corporation
d)
Sole-Proprietorship
27.
Households = 
a)
sellers in the factor market
b)
buyers in the product market
c)
consumers in the product market
d)
all of the above.
28.
Firms = 
a)
Businesses
b)
Sellers in the resources market
c)
Sellers in the product market
d)
Both Businesses and Sellers in the Output market
29.

What is a major advantage of a business that is a partnership rather than a sole proprietorship? (SSEMI3)

a)

The responsibility for the business is shared

b)

The business is easy to set up

c)

The partners are not responsible for business debts

d)

The business is easy to sell

30.

Advantages of this business type are that the owner is their own boss and gets to keep all the profits. (SSEMI3)

a)

Partnership

b)

Sole Proprietorship

c)

Corporation

d)

Franchise

31.

Dan has $5,000. He wants to invest his money in the type of business that has the least amount of liability. In which type of business should he invest? (SSEMI3)

a)

corporation

b)

partnership

c)

proprietorship

32.

A business partnership has ___________ who share the risks and the profits. (SSEMI3)

a)

One owner

b)

No more than three owners

c)

Two or more owners

d)

Five or more owners

33.

In this market, one firm controls the market, there are very high barriers to entry, price makers, & there are no available substitutes

a)

Perfect Competition

b)

Oligopoly

c)

Cartel

d)

Monopoly

34.
In which market structure is there the LEAST competition?
a)
Monopoly
b)
Oligopoly
c)
Monopolistic Competition
d)
Perfect Competition
35.

An industry that is dominated by a few large firms is

a)

monopolistic competition.

b)

a monopoly.

c)

perfect competition.

d)

an oligopoly.

36.

SSEMI3 b This market structure has a large number of buyers and sellers with identical products

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

37.

SSEMI3 b This is a market structure with a large number of buyers and sellers of products that are similar but can be differentiated by brand, quality, etc.

a)

Perfect Competition

b)

Monopolistic Competition

c)

Oligopoly

d)

Monopoly

38.

SSEMI3 b Which market structure, other than a monopoly, would have the highest barrier to entry?

a)

Oligopoly

b)

Pure Competition

c)

Monopolistic Compeitition

39.

SSEMI3 b Coca-Cola Company and Pepsi Company control roughly 73% of the carbonated (soft drink) soda market. What market structure would this be considered?

a)

Monopoly

b)

Oligopoly

c)

Monopolistic Competition

d)

Perfect Competition

40.

SSEMI3 b If you live in Augusta/Richmond County and do not have a well system, then you are on city water and sewer. This is an example of a

a)

Monopoly

b)

Oligopoly

c)

Monopolistic Competition

d)

Perfect Competition

41.

List the four market structures in order from least competitive to most competitive.

a)

Oligopoly, Monopoly, Perfect Competition, Monopolistic Competition

b)

Perfect Competition, Oligopoly, Monopoly, Monopolistic Competition

c)

Monopoly, Oligopoly, Monopolistic Competition, Perfect Competition

d)

Monopoly, Monopolistic Competition, Perfect Competition, Oligopoly

42.

There are many sellers of blue jeans. Each blue jean seller makes their product slightly different to set it apart from others. There is free entry and exit into the blue jean market. Which market structure does this describe?

a)

Perfect Competition

b)

Oligopoly

c)

Monopoly

d)

Monopolistic Competition

43.

In a sole proprietorship, liability is

a)

General

b)

Limited

c)

Unlimited

d)

There is no liability.

44.

In a partnership, the owners

a)

have limited liability.

b)

have unlimited liability.

c)

always split the profits 50/50, no matter what.

d)

cannot be separated or bought out.

45.

Which of the following have limited life?

a)

Sole proprietorship

b)

Partnership

c)

Corporation

d)

Sole proprietorship and partnership

e)

Corporation and sole proprietorship

46.

This type of business is owned by two or more people and has unlimited liability.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

47.

This type of business is owned by many people called stockholders.

a)

Sole Proprietorship

b)

Partnership

c)

Corporation

d)

Franchise

48.

Nike, Google and Apple are examples of.....

a)

Sole Proprietorships

b)

Partnerships

c)

Corporations

d)

Franchises

49.

In which market structure does a firm have the greatest control over its product’s price?

a)

Monopoly

b)

Oligopoly

c)

perfect competition

d)

monopolistic competition

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