Podcast
Questions and Answers
A business organization that requires owners to split profits, but also allows them to share responsibilities is a:
A business organization that requires owners to split profits, but also allows them to share responsibilities is a:
In order to calculate GDP, economists must add all of the following except:
In order to calculate GDP, economists must add all of the following except:
The determinants of productivity include all of the following except:
The determinants of productivity include all of the following except:
Which of the following market structures is considered a price taker?
Which of the following market structures is considered a price taker?
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Which market structure is usually illegal?
Which market structure is usually illegal?
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Which market structure represents the majority of American businesses?
Which market structure represents the majority of American businesses?
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Which of the following most closely resembles perfect competition?
Which of the following most closely resembles perfect competition?
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Breakfast cereal, oil, and soft drinks are all examples of ______.
Breakfast cereal, oil, and soft drinks are all examples of ______.
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A tax that is the same rate regardless of income is:
A tax that is the same rate regardless of income is:
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A regressive tax has a greater impact on low-income earners.
A regressive tax has a greater impact on low-income earners.
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Study Notes
Business Organizations
- A partnership is a business where owners split profits and share responsibilities.
Calculating GDP
- Economists calculate GDP by adding net exports, government spending, and consumer spending.
Productivity Determinants
- Determinants of productivity include quality of human resources, quality of capital resources, and technological change. GDP and per capita GDP are not determinants of productivity
Market Structures
- Perfect competition is a market structure where businesses are price takers.
- A monopoly is a market structure that is usually illegal.
- Monopolistic competition and oligopoly are market structures.
- Most American businesses are in a monopolistic competition structure.
Perfect Competition Examples
- Agriculture is a market structure that most closely resembles perfect competition.
Market Structure Examples
- Breakfast cereal, oil, and soft drinks are examples of an oligopoly market structure.
Tax Types
- A proportional tax has the same rate for all income levels.
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Description
This quiz covers key concepts in business organizations, including partnerships, market structures such as perfect competition and monopolies, and the determinants of productivity. Test your knowledge on GDP calculations and various types of market structures in the economy.
