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Economics Chapter 19
Test Description: Business in America
Instructions: Answer all questions to get your test result.
1) A sole propriatorship is
A
is a business owned by one person
B
is a business owned by 4 people
C
is a business that fails
D
is a business that will fail
2) Liability means
A
legal responsibility for a business
B
that people go to the library
C
the business lied
D
liars
3) Which is NOT a type of business
A
schools
B
sole proprietorships
C
partnership
D
corporation
4) What is the biggest advantage that partnerships have over sole propritorships
A
can hire any one
B
don't have to pay taxes
C
can raise more money
D
have little money
5) A corporation is
A
a person who provides goods or services
B
a business owned by 1 person
C
a business owned by 2 people
D
a business that is owned by a group of people and operates under a license
6) a labor union is
A
a failed business
B
an organization of workers that seeks to improve wages and working conditions
C
a business
D
a tax free store
7) A private good is
A
is used by more than one person
B
a product that people must buy in order to use/own them
C
is an externality
D
is a public good
8) a public good is
A
not government funded
B
is a type of meal
C
cannot be shared
D
a good/service that can be used by more than one person for example the sidewalk
9) Which is NOT an example of a PRIVATE good
A
clothes
B
meals
C
drinks
D
sidewalks
10) externalities are
A
positive
B
a byproduct
C
an economic side effect that affects an un-involved 3rd party
D
negative
11) Public goods often produce positive externalities. Which is an example of one?
A
breathing problems caused by pollution
B
Roads
C
air pollution
D
acid rain
12) A negative externality result from
A
people spending too much money
B
an action that has harmful side effects
C
negative feedback from the public
D
people not voting
13) A monopoly is
A
a game you always win
B
a game that takes forever to play
C
the sole provider for a good or service
D
made up of 4 companies
14) the goal of Antitrust laws is to
A
expand monopolies
B
control the public's spending
C
control monopoly power and to preserve and promote competition
D
control Congress' spending
15) Real GDP
A
is the real GOAT
B
is GDP after the distortions caused by price increases have been removed.
C
Is not a good measure of an economy's performance
D
doesn't tell us anything
16) Which is NOT a reason for economic inequality in the US?
A
Family Wealth
B
Discrimmination
C
Education
D
Type of clothes you wear
*select an answer for all questions
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