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