PRC-3 · Chapter 2 · Question 16 of 61
Farmers in a rural area pool their resources together to buy expensive harvesting equipment that they all share. They operate the business democratically for mutual benefit rather than pure profit. What is this organization called?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Cooperative
Explanation
A cooperative is an association of individuals who voluntarily come together to achieve a common economic goal through a jointly controlled enterprise.
More Ownership of Business MCQs
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