Definitions of Firms And Industry - SS1 Economics Past Questions and Answers - page 1
1
What is a firm?
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A
A group of individuals
B
An organization that produces and sells goods or services for profit
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C
A non-profit organization
D
A government agency
2
What is an industry?
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A
A group of individuals
B
An organization that produces and sells goods or services for profit
C
A non-profit organization
Â
D
A group of firms that produce similar goods or services
3
Which of the following is not a characteristic of a firm?
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A
 Produces goods or services
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B
Sells goods or services for profit
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Â
C
Non-profit
D
An organized group of individuals
4
Which of the following is not a characteristic of an industry?
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A
Group of firms
B
Similar goods or services produced
C
Non-profit.Â
Â
D
Sector
5
Which of the following best describes a firm?
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A
A group of individuals that come together for a common cause
B
A sector of the economy
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C
An organization that produces and sells goods or services for profit
D
A group of firms that produce similar goods or service
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