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Virtual AR- Module 6 Review
Test Description: Roles in a Market Economy
Instructions: Answer all questions to get your test result.
1) Business organization that is owned by many people, but is treated by law as though it were a person is known as____________.
A
Sole Proprietor
B
Corporation
C
Franchise
D
Partnership
2) A business that has a main goal of making money is called a non-profit business.
A
False
B
True
3) Type of business that is owned and operated by one person is called what?
A
Franchise
B
Partnership
C
Corporation
D
Sole Proprietor
4) A intended consequence is something that was not planned to happen.
A
True
B
False
5) A ____________ is a person that buys things for personal use.
A
Producer
B
Consumer
6) The government creates policies to help improve market outcomes is done with what?
A
Unintended Consequences
B
Intended Consequences
C
Regulatory Policy
7) A person or company that supplies goods for sell is called a __________________.
A
Producer
B
Consumer
C
Government
8) What is a franchise?
A
A person who opens a business.
B
A license of a proven business
C
A ticket of operation
9) A business or firm owned by two or more individuals is considered to be what kind of business?
A
Corporation
B
Franchise
C
Sole Proprietorship
D
Partnership
10) What is a good example of unintended consequences?
A
War
B
Cable providers
11) All decisions in a market economy are based on _______________.
A
Individuals
B
Businesses
C
Individuals and Businesses
*select an answer for all questions
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