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WorksheetsBusiness and Economic Performance Quiz
Total questions: 10
Worksheet time: 5mins
What are the advantages of a sole proprietorship?
Limited liability and shared decision-making
Full control and easy start-up
Unlimited liability and easy start-up
Unlimited liability and shared decision-making
What is the main characteristic of a partnership?
Limited liability
Unlimited liability
Shared decision-making
Easy start-up
What is a disadvantage of a corporation?
Limited liability
Double taxation
Easy start-up
Which market structure has many buyers and sellers, identical products, and no barriers of entry?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
In which market structure do sellers compete through non-price competition?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
What type of market structure has extreme control over price and no substitute product?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
What is the formula for calculating GDP?
C+I+G+(X-M)
C+I+G
C+G+(X-M)
C+I+(X-M)
What does inflation refer to?
Rise in general price level of goods and services
Decrease in general price level of goods and services
Rise in unemployment rate
Decrease in unemployment rate
How is the unemployment rate calculated?
Number of unemployed persons divided by total population
Number of unemployed persons divided by civilian labor force
Number of employed persons divided by total population
Number of employed persons divided by civilian labor force
What is a key advantage of a sole proprietorship?
Shared decision-making
Double taxation
Easy start-up
Unlimited liability
