ECON - Unit 3C Question Preview (ID: 61987)


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Which of the following is NOT a major types of business organization?
a) an industry
b) a sole proprietorship
c) a partnership
d) a corporation

In a sole proprietorship, the business is owned by:
a) one person
b) two or more people
c) stockholders who have purchased shares
d) ####

In a partnership, the business is owned by:
a) two or more people
b) stockholders who have purchased shares
c) one person
d) ####

In a corporation, the business is owned by:
a) stockholders who have purchased shares
b) one person
c) two or more people
d) ####

Which type of business organization is easy to start, flexible in operations, and makes quick decisions?
a) a sole proprietorship
b) a corporation
c) a partnership
d) ####

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) ####

Which type of business organization has limited liability, an unlimited lifespan, and subject to double taxation?
a) a corporation
b) a sole proprietorship
c) a partnership
d) ####

Which type of market structure has one seller who maintains strong control over prices?
a) a monopoly
b) an oligopoly
c) monopolistic competition
d) pure (perfect) competition

Which type of market structure has a few sellers with high barriers to entry?
a) an oligopoly
b) a monopoly
c) monopolistic competition
d) pure (perfect) competition

Which type of market structure has many sellers, price controls, and non-price competition?
a) monopolistic competition
b) pure (perfect) competition
c) an oligopoly
d) a monopoly

Which type of market structure has many sellers, no price controls, and no product differentiation?
a) pure (perfect) competition
b) monopolistic competition
c) an oligopoly
d) a monopoly

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