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ECONOMICS 15 points !!!!!!!!!!!!! HELP !!!!!!!!!!!!!!

  1. Which of the following does a sole proprietorship and a partnership share?

AEase of stopping and starting
BShared debt liability
CProfit-sharing options
DProtection of personal assets

  1. Renee has an idea to revolutionize the paper towel industry, but she has no money to start a business. Renee's lack of funds reveals a need for which factor of production?

AEntrepreneurship
BFinancial capital
CPhysical capital

D.Warehouses

  1. How is a partnership like a limited liability corporation?

ABoth are incorporated.
BBoth have investors.

C.Both are inexpensive to start.

DBoth protect personal assets.

  1. A benefit of a purely competitive market is..

Aequal product information for buyers and sellers
Bgovernment sets the product prices to be competitive
Csellers may set their own prices
Dsellers use advertising to attract buyers

  1. In which market structure is it most difficult to become a competitive producer?

AMonopoly
BMonopolistic competition
COligopoly
DPure competition

  1. "When diamonds are what you want, only the finest will do." This advertisement targets your

Afears
Brituals
Csenses
Dsocial values

7. Business revenue is

Amoney collected through product sales
Bmoney a firm must pay for production
Ctaxes a firm must pay to the government
Dtaxes collected by the government

Verified Answer :

wiseowl2018

Answer 1

B. Shared debt liability

Explanation

Both sole proprietorship and partnership are unincorporated businesses whereby in case of bankruptcy, the person or the partners has to give up their personal assets in order to pay off the accumulated debt.

Answer 2

B. Financial Capital

Explanation

In this situation Renee needs more and more amount of funds in order to initiate her business venture. However, due to lack of funds, she is not able to open her business and enjoy being her own boss. Th primary reason is lack of funds which highlight the lack of financial capital that is not present within her business. With funds, she can achieve her target business venture.

Answer 3

B. Both have Investors

Explanation

Both of the business structures have this thing in common that both of models tend to enjoy the prevalence of investors that provide capital in form of money to be invested in the business to meet the financial need of the business. Sole ownership doesn't have this feature and therefore of all the options present, this is the most optimal answer present.

Answer 4

A. equal product information for buyers and sellers

Explanation

Purely competitive market is where the market tends to set the price since the information is openly available with all the consumers and suppliers and no individual person either it be a consumer or a supplier can change or bring amendment in the price of the commodity being sold. This therefore enables complete information available with the buyers and sellers in the market.

Answer 5

D. Pure competition

Explanation

It is most difficult to become a competitive producer in a pure competition because a producer's attempt to differentiate his product in the market will cost him increased cost on the commodity sold and hence earn no extra benefit since the price is same for all and the product being sold in the market is homogeneous in nature and that consumers are not willing for differentiation to prevail.

Answer 6

C. Senses

Explanation

The advertisement line about diamonds tends to target your senses by establishing that your demand for diamonds can only fulfilled by the finest category of diamonds and the finest will be provided the company putting up that advertisement and hence creating a competitive edge in the minds of it customers by making a perception that it supplies the fines quality present.

Answer 7

A. money collected through product sales

Explanation

Business revenue is the amount of the money generated by the sales that it makes and hence the product of the quantity sold and the price charged on each unit sold by the company. Revenue is more concerned with the sales made, whereas the costs is the money paid for the production and the difference of business revenue and costs, is essentially the profit generated by the business.


Answer:

I just took the test and the firsts answer is Ease of stopping and starting. the other guy was wrong.

Explanation:

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