This quiz works best with JavaScript enabled. Home > Economics > Market Dynamics > Market Structures > Market Structures – Quiz 96 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Market Structures Quiz 96 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. In a limited liability partnership, all partners A) Are required to be general partners. B) Always have no liability. C) Are limited from personal liability incertain situations. D) Are required to be general partners. Show Answer Correct Answer: C) Are limited from personal liability incertain situations. 2. Tara is a seller in a purely competitive market. Which characteristic of this mkt. structure is true? A) Tara has a lot of control. B) Tara has a lot of competition. C) Tara is a sole proprietorship. D) Tara has no competition. Show Answer Correct Answer: B) Tara has a lot of competition. 3. SSEMI3 Which business organization has the disadvantage of potential for conflict? A) Sole Proprietorship. B) Corporation. C) Partnership. D) Oligopoly. Show Answer Correct Answer: C) Partnership. 4. Which fiscal policy would be most likely to slow the growth of our economy? A) Higher taxes. B) Increased government spending. C) A lower discount rate. D) Increased selling of government securities by the Open Market Committee. Show Answer Correct Answer: A) Higher taxes. 5. True or False:Actions of one firm will affect other firms A) True. B) False. Show Answer Correct Answer: A) True. 6. What is the mean of 2, 5, 4, 1, and 3? A) 2. B) 3. C) 4. D) 5. Show Answer Correct Answer: B) 3. 7. One advantage of a franchise is A) The training and advertising is provided by parent company. B) Profit goes to owner. Show Answer Correct Answer: A) The training and advertising is provided by parent company. 8. Which type of market structure has many producers (companies) that sell very similar products and have almost no control over price? A) Competitive markets. B) Oligopoly. C) Monopoly. D) None of above. Show Answer Correct Answer: A) Competitive markets. 9. Why does the government regulate the market? A) To create their own monopoly. B) To discourage new businesses. C) To ensure competition. D) None of above. Show Answer Correct Answer: C) To ensure competition. 10. Which of the following is an example of a government owned monopoly? A) Post Office. B) McDonalds. C) Menards. D) Walmart. Show Answer Correct Answer: A) Post Office. 11. Which of the following is not a legal monopoly A) Natural monopoly. B) Technological monopoly. C) Industrial monopoly. D) One company buying out all competition. Show Answer Correct Answer: D) One company buying out all competition. 12. Decision making tends to be slower in this business organization than a sole proprietorship. A) Partnership. B) Franchise. C) Corporation. D) Sole proprietorship. Show Answer Correct Answer: A) Partnership. 13. Percentage of a total market (100%) that a business serves A) Grade. B) Market Share. C) Merger. D) Monopoly. Show Answer Correct Answer: B) Market Share. 14. A public utility, such as an electric company, is an example of a A) Geographic monopoly. B) Government monopoly. C) Natural monopoly. D) None of above. Show Answer Correct Answer: C) Natural monopoly. 15. ..... is an illegal group of producers who agree to fix prices, limit output, or divide markets. A) Price-gouging. B) Raising prices. C) Cartel. D) Collusion. Show Answer Correct Answer: C) Cartel. 16. SSEMI3 b This market structure has a large number of buyers and sellers with identical products A) Perfect Competition. B) Monopolistic Competition. C) Oligopoly. D) Monopoly. Show Answer Correct Answer: A) Perfect Competition. 17. The most competitive market structure is A) Monopolistic competition. B) Oligopoly. C) Perfect competition. D) Monopoly. Show Answer Correct Answer: C) Perfect competition. 18. Which of the following are most likely toimprove a company's overall productivity? A) Highertax rates on its workers' incomes. B) Improvements in its trade relations. C) Advances in its technology. D) None of the above. Show Answer Correct Answer: C) Advances in its technology. 19. In order for a business to be successful it must be ..... A) Communist. B) Free. C) Organized. D) Entrepreneur. Show Answer Correct Answer: C) Organized. 20. A market structure in which there are many buyers and sellers of an identical product. A) Monopoly. B) Oligopoly. C) Perfect Competition. D) Monopolistic Competition. Show Answer Correct Answer: C) Perfect Competition. ← PreviousNext →Related QuizzesMarket Dynamics QuizzesEconomics QuizzesMarket Structures Quiz 1Market Structures Quiz 2Market Structures Quiz 3Market Structures Quiz 4Market Structures Quiz 5Market Structures Quiz 6Market Structures Quiz 7Market Structures Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books