Economics Take Home Quiz Answer Check. 3?

[bearchan]

I have a take home quiz and answered the questions and would like to check my answers
1. In a market economy:
A. government owns the means of production so that it can produce what is in society's best interest.
B. businesses design their plans to maximize their profit and the market is relied upon to see that individual self-interest is consistent with society's interest.
C. workers are directed by a government planning boards to produce what is in society's best interest.
D. government sets prices to make necessities affordable because it is in society's best interest to make necessities affordable.
2. Capitalism:
A. is based on private property and the market.
B. does not have a rationing mechanism.
C. gives private property rights to government.
D. relies on market forces to establish initial property rights.

3. In the mercantilist system,
A. markets rather than political forces make the central economic decisions.
B. serfs make the central economic decisions.
C. governments let the market decide what to produce.
D. governments distributed the rights to produce.
4. In the goods market:
A. households supply factors of production to business and are paid by business for doing so.
B. households supply goods to business and are paid by businesses for doing so.
C. business produces goods and services and sells them to households and government.
D. government produces goods and services and supplies them to households and business.

5. Businesses are on the:
A. supply side of factor markets and the demand side of goods markets.
B. demand side of factor markets and the supply side of goods markets.
C. supply side of both factor markets and goods markets.
D. demand side of both factor markets and goods markets.
6. What is necessary for businesses to be profitable?
A. They must ignore the principle of consumer sovereignty.
B. They must ignore the invisible hand.
C. They must equalize their total revenues and total costs.
D. Entrepreneurship must be present.

7. A firm's profits equal $100 if:
A. its total revenue is $100.
B. the sum of its total revenue and its total cost is $100.
C. the difference between its total revenue and its total cost is $100.
D. its total cost is $100.
8. One advantage of a partnership over a corporation is:
A. greater accountability.
B. limited liability.
C. increased ability to get funds.
D. the ability to share the work and risks of business.

9. One advantage of a corporation over a sole proprietorship is:
A. greater accountability.
B. avoidance of double taxation.
C. ease of formation.
D. greater ability to obtain funds.
10. In the United States, government performs all of the following functions except:
A. redistributing income.
B. purchasing goods and services.
C. regulating the economy.
D. determining production levels.