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Market Structure And Business Organizations
Test Description: Econ EOC
Instructions: Answer all questions to get your test result.
1) Which form of business organization is easiest to organize but is LEAST able to benefit from specialization?
A
partnership
B
corporation
C
limited partnership
D
sole proprietorship
2) Which of the following is true about a shareholder in a corporation?
A
A shareholder is part owner of that business.
B
A shareholder may not share in the earnings of that corporation.
C
A shareholder may not transfer his share to another party without permission.
D
A shareholder is liable for any debts accumulated by that corporation.
3) Sharon decided to open a dry-cleaning business. She borrowed some money from her sister and took a loan from a bank. She hired one helper. What is one disadvantage of Sharon’s business?
A
unlimited liability
B
ease of organizing the firm
C
double taxation
D
no separation of ownership and control
4) Interdependence and price leadership are characteristics of firms in what kind of market structure?
A
monopoly
B
monopolistic competition
C
perfect competition
D
oligopoly
5) In which market structure does a firm have greatest control over its product’s price?
A
monopoly
B
perfect competition
C
monopolistic competition
D
oligopoly
6) What is monopolistic competition?
A
one company selling the identical product under different names
B
a very few companies selling identical products
C
many companies selling similar but not identical products
D
one company selling several different products under different names
7) Which of the following is NOT a condition for perfect competition?
A
Buyers and sellers are well informed about products.
B
Sellers are able to enter and exit the market freely.
C
Sellers offer a wide variety of products.
D
Many buyers and sellers participate in the market.
8) How much control over price do companies in a perfectly competitive market have?
A
total
B
some
C
very little
D
none
9) Sunshine Island has 3 large supermarkets that supply most of the groceries for the island’s population. A gas station also sells a very small selection of groceries. How would you describe the market for groceries on Seaside Island?
A
monopolistic competition
B
perfect competition
C
oligopoly
D
monopoly
10) One single product and lots of control over prices are characteristics of firms in what market structure?
A
oligopoly
B
monopoly
C
monopolistic competition
D
perfect competition
*select an answer for all questions
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