Question

17. Which of the following words can be applied to the economic system of the Caribbean?

A) laissez - faire

B) mixed

C) centrally planned

D) capitalist

18. Limited liability means

A) The business cannot make a loss

B) The firm is either a private or public company

C) shareholders are only liable for the money they have invested

D) All employees are insured against accident

19. The policies of a company are formulated by the

A) auditors

B) directors

C) managers

D) shareholders

20. Johan works in a bakery where he makes all the decisions and take all the profits. What category of Business is he working in?

A) sole trader

B) partnership

C) cooperatives

D) joint stock..company

21. Tom invests his saving by buying shares in company .From this investment Tom expects to receive

A) dividends

B) profits

C) interest

D) revenue

22. Which of the following characteristics of the sole trader form of business is not advantageous to the owner

A) unlimited liability

B) low operational cost

C) ownership of all profits

D) support with customers

23. Private enterprise is run mainly to

A) create profits

B) reduce inflation

C) distribute goods and services

D) provide jobs for more people

24. In a public limited company, the losses are borne by the

A) staff

B) Directors

C) community

D) shareholders

Required

25. Which of the following is not an objective of the public sector ?

A) maximizing profits

B) Providing essential services

C) regulating business activity

D) promoting economic growth




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Answer 1

Answer:

Communism, also known as a command system, is an economic system

These employees operate under party-appointed economic planners, who set output targets and prices and frequently interfered with the operations to satisfy personal or party desires.

A

Explanation: