1. The main advantage to a corporation is..
A. Ease of entry
B. Limited liability for the owners
C. Dividends all go to one person
D. Owners share managerial duty
(I chose B)
2. The main advantage to a sole proprietorship is..
A. Ease of entry
B. Financial capital is easy to obtain
C. Owners need little expertise in the day to day business
D. Limited liability for the owner
(I chose A)
3. The main disadvantage to a sole proprietorship is..
A. Profits must be shared
B. Difficult and expensive to open
C. Unlimited liability
D. Single taxation
(I chose C)
4. A variable cost...
A. Increases as production increases
B. Is a constant cost of production
C. Is always changing no matter the circumstance
D. Is a cost like managers salaries, rent, etc.
(I chose A)
5. An example of an explicit cost of production would be..
A. The cost of foregone labor earning for an entrepreneur
B. The cost of flour for a baker
C. The lost opportunity to invest in other capital markets when the money is invested in ones business
D. None of the above
(I chose B)
6. For a firm in a perfectly competitive market the price of the good is always equal to..
A. The government negotiated price
B. Whatever price the seller wants
C. Equilibrium market price
D. Total revenue
(I chose D)
Please let me know if my answers are correct, and if not, what numbers I got wrong! Thank you!
my answers are:
1. B
2. A
3. C
4. A
5. B
6. D
Taylor/Charlotte -- please use the same name for your posts.
You said that you don't have a text for this class.
Which school is providing these questions?
Where does it expect you to find these answers?
i must be in the same class as Taylor because this is the first question I have posted. it is an online class. are my answers correct? i looked for a long time to try to find them.
Hmmm-- you and Taylor of the same Internet Provider number and probably the same computer.
What is the name of your school?
Study, study, study:
http://www.khanacademy.org/economics-finance-domain/
Search and re-search:
http://hanlib.sou.edu/searchtools/
and (not "or"!)
http://www.hackcollege.com/blog/2011/11/23/infographic-get-more-out-of-google.html
Thank you so much, Writeacher, for the helpful resources!
You're welcome.
You should double-check with that school. If you're paying for an online course without access to a text or a series of lectures or any other source of information, something is wrong. I have three grandchildren who have taken a variety of high school and university online courses, and ALL of them had access to texts, either in print or online.