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ECON - Unit 3C
Test Description: SSEMI3
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT a major types of business organization?
A
an industry
B
a corporation
C
a partnership
D
a sole proprietorship
2) In a sole proprietorship, the business is owned by:
A
one person
B
####
C
two or more people
D
stockholders who have purchased shares
3) In a partnership, the business is owned by:
A
two or more people
B
one person
C
####
D
stockholders who have purchased shares
4) In a corporation, the business is owned by:
A
one person
B
two or more people
C
####
D
stockholders who have purchased shares
5) Which type of business organization is easy to start, flexible in operations, and makes quick decisions?
A
a partnership
B
a sole proprietorship
C
a corporation
D
####
6) Which type of business organization has greater chances of personal conflicts with divided profits between two people?
A
a partnership
B
a sole proprietorship
C
###
D
####
7) Which type of business organization has limited liability, an unlimited lifespan, and subject to double taxation?
A
####
B
a corporation
C
a partnership
D
a sole proprietorship
8) Which type of market structure has one seller who maintains strong control over prices?
A
pure (perfect) competition
B
an oligopoly
C
a monopoly
D
monopolistic competition
9) Which type of market structure has a few sellers with high barriers to entry?
A
a monopoly
B
an oligopoly
C
pure (perfect) competition
D
monopolistic competition
10) Which type of market structure has many sellers, price controls, and non-price competition?
A
an oligopoly
B
monopolistic competition
C
pure (perfect) competition
D
a monopoly
11) Which type of market structure has many sellers, no price controls, and no product differentiation?
A
a monopoly
B
pure (perfect) competition
C
an oligopoly
D
monopolistic competition
*select an answer for all questions
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