Economics Chapter 8

Economics Chapter 8

12th Grade

25 Qs

quiz-placeholder

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Economics Chapter 8

Economics Chapter 8

Assessment

Quiz

Business

12th Grade

Medium

Created by

Dacia Hernandez

Used 4+ times

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Entrepreneurs bring about creative change in each of the following ways except

they improve the quality of existing products

they introduce new products

they find ways to eliminate competition

they introduce new production methods

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Once established, most entrepreneurs are able to maintain a substantial profit on the products they produce and sell.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Competitors are attracted to a market that yields

a profit

unlimited liability

lower prices for consumers

higher tax revenues

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following examples demonstrates entrepreneurship?

A scientist invents a long lasting paint and starts a business to produce it

A government official creates a new tax form that is easier to complete

A technician discovers a new type of wax, and the firm that employees her uses it in manufacturing its products

A student cuts his elderly neighbor's lawn for free

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sole proprietorships are the most common form of business organization in the United States.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sole proprietors enjoy each of the following advantages except

they receive all the profit their businesses earn

it usually is easy for them to gather large amounts of financial capital

they can make business decisions quickly

it usually is easy for them to form their business.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Owners of sole proprietorships have ____ for the firm's debts if the firm fails to pay its bills.

Limited Liability

No Risk

Unlimited Liability

None of the above

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