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Econ Unit 2 Quiz

Authored by Kimberly Battle

Social Studies

12th Grade

Used 4+ times

Econ Unit 2 Quiz
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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In what market structure does a business firm have no non-price competition?

Oligopoly

Monopoly

Monopolistic competition

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following can change the supply curve EXCEPT:

the number of sellers offering the product

the cost of labor

the change in consumer tastes for the product

the expectation that prices are about to increase

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If an increase in the price of Product A causes a decrease in the demand for Product B, then then products are:

Complimentary

Substitutes

Unrelated/independent

None of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The minimum wage is a type of

Sole Proprietorship

Price ceiling

Marginal price

Price floor

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tonya decides to invest money in Wal-mart. As a shareholder, he has the advantage of

double taxation

limited life

unlimited liability

limited liability

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of market structure is characterized by a vast number of firms?

Monopolisic competition

Oligopoly

Pure competition

Monopoly

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tony decided to open a landscaping business. He borrowed some money from his uncle and took out a business load from Bank of America. He hired two helpers and purchased a leaf blower and hedge clippers. What is a disadvantage of Tony's type of business?

double taxation

ease of organizing the firm

no separation of ownership and control

unlimited liability

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