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