Econ Unit 3 Review

What is the most popular form of business ownership in the United States?

• sole proprietorship

• partnership

• corporation

• limited liability company

Which is the biggest disadvantage of sole proprietorship?

• pass through status

• high government regulation

• unlimited liability

What is the least popular form of business ownership in the United States?

• franchise

• corporation

• partnership

• limited liability company

In a limited partnership, at least one partner:

• has pass through tax status

• registers as the "primary" partner

• only contributes capital investment

Who owns a corporation?

• corporate officers

• the board of directors

• stock holders

• all are true

Companies like Publix and Chick-Fil-A do not allow for shares of their stock to be purchased on stock exchanges. Therefore, companies such as these are known as:

• Public Corporations

• Private Corporations

• "C" Corporations

Which of the following "hybrid" models allows for the limited liability of a corporation but also the lower tax rates of a partnership?

• joint venture

• cooperative

• franchise

• limited liability company

The ______ refers to a current production period in which at least one resource is fixed.

• short run

• long run

The ______ refers to a current production period in which at least one resource is fixed.

• short run

• long run

What the marginal product at 3 workers? (just type the number only)