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EOC Review 2

Authored by Kendrick Thompson

Other

10th - 12th Grade

Used 6+ times

EOC Review 2
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20 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An advantage of a corporation is that

owners pay fewer taxes than owners of other forms of business.
the business is subject to little government regulation.
owners have limited liability for debt.
owners have direct and immediate control over daily management of the business.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Perfect competition is characterized by

a large number of sellers and buyers.
diverse products.
sellers acting together to set prices.
uninformed buyers and sellers.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

A monopoly that is based on the ownership or control of a manufacturing method, process, or other scientific advance is a 

geographic monopoly
natural monopoly
government monopoly
technological monopoly

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Under perfect competition,

products are similar but not identical.
numerous restrictions prevent firms from entering the market.
no seller can sell a product above the prevailing market price.
a single seller can affect price.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A market structure in which one firm has a monopoly because of its location is a 

natural monopoly.
geographic monopoly.
technological monopoly.
government monopoly.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which market structure is BEST indicated by the soda market?

monopoly
pure competition
oligopoly
natural monopoly

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Ramon decided to open his own software business. He borrowed money from a bank to buy computers and office equipment, and he hired one assistant. What is one DISADVANTAGE of Ramon's type of business organization? 

limited liability
ease of start-up
flexibility
unlimited liability

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