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PFE Micro B
PFE Micro B
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Answers
1
The total amount of goods sold in dollars.
Revenue
Wages
Earnings
Profit
2
Barriers to entry are impenetrable in this type of market structure.
Oligopoly
Monopoly
Perfect Competition
Monopolistic Competition
3
Which market structure is known for a possibility of cartels?
Pure Competition
Monopolistic Competition
Monopoly
Oligopoly
4
One way that monopolistic competition differs from an oligopoly is that
There are fewer barriers to entry
They have no control over their prices
They have absolute control of pricing
There is only 1 provider of a good or service
5
In what market structure are businesses called "price makers?"
Oligopoly
Pure Competition
Monopoly
Monopolistic Competition
6
Who runs a corporation?
Shareholders
Owners of Stock
The President
Board of Directors
7
Camera man Carl will have to purchase a new camera for his photo business in the
Resource Market
Pure Market
None of these
Product Market
8
By selling stock instead of bonds to raise money, Burger King
Will not have to pay back additional debt
Will not give up ownership in the company
Can operate as a partnership
Can get around becoming a corporation
9
What is the driving force behind new products in the market economy?
Profit Motive
Freedom
Equity
Government
10
Which market structure is most dependent on advertising?
monopolistic competition
monopoly
oligopoly
pure competition
11
Punter Phil no longer remembers the three basic economic questions; they are What, How, and
Who makes a profit
For Whom to Produce
None of these
When to produce
12
Bad service causes customers to leave a restaurant to go to 1 of the many similar ones This is
Monopoly
Monopolistic Competition
Oligopoly
Pure Competition
13
Advertising is MOST important in this market structure.
Oligopoly
Monopolistic Competition
Pure Competition
Monopoly
14
Tons of gold are found on pirate ships, gold prices drop. Gold operates in a market close to
perfect competition
a monopoly
monopolistic competition
an oligopoly
15
Mr. B has to charge Chucky .25 for corn, because that is what everybody else charges, this is
Pure Competition
Oligopoly
Monopolistic Competition
Monopoly
16
Which business organization is required to have a charter?
Partnership
Corportation
All of these
Sole Proprietorship
17
Tony has a company where he shares profits and has unlimited liability, he must have a
Partnership
Charter
Corporation
Sole proprietorship
18
Which of the following market structures is the most competitive?
Pure Competition
Monopolistic Competition
Oligopoly
Monopoly
19
The price of Chick-Fil-A nuggets decreases, what is true about Chick-Fil-A nuggets?
Quantity Demanded Increases
Demand Increases
Quantity Demanded Decreases
Demand Decreases
20
Anti-Trust Laws are designed to protect consumers against which market failure?
Resource Immobility
Lack of information
Negative Externalities
Inadequate competition
21
Ownership and management are separated in this business organization.
corporation
all of these
sole proprietorship
partnership
22
The Quantity Supplied of Braves hats increases @ the Blackshear Sporting Goods store, this MUST be because
The Sporting Goods store lowers the price of Braves hats
The Sporting Goods store is able to charge more for Braves hats
The cost of input resources to make hats decreased
The Braves won the World Series
23
Market structure with a large number of firms that offer a similar (not identical) product
Monopoly
Perfect Competition
Monopolistic Competition
Oligopoly
24
Market Structure describes
Who owns a business
A problem in the economy that the government must solve
The level of competition between businesses
How easily a business can make a profit
25
Watermelon prices are only affected by supply and demand, they operate in
Monopolistic Competition
An Oligopoly
A Monopoly
Pure Competition
26
A patent allows a business to operate in
monopolistic competition
a sole proprietorship
a natural monopoly
a technological monopoly
27
The MACROECONOMICS test is/was
In essay form
Tuesday
Wednesday
After we get done with the next set of notes.
28
Government places a tax on a company for creating pollution, what is the likely result?
The company reduces prices on their products
Equilibrium price increases
The supply curve shifts to the right
All of these
29
Which type of market structure would be considered "price takers?"
Monopolistic Competition
Monopoly
Oligopoly
Pure Competition
30
We know that Tyson's Turkey is a corporation because it
Has few government regulations.
None of these
Has single taxation.
Has limited lifespan.
31
Sub-so-good sells their name and business structure to other entrepreneurs, they are a
Partnership
Franchise
Sole Proprietorship
Corportation
32
One advantage of a partnership is that
They can get loans easier than an individual
It has unlimited liability
It can sell bonds
It has limited liability
33
Which of the following is NOT an advantage of a corporation?
Owner keeps all the profits
Limited Liability
Professional management.
Easy to raise capital
34
Which is NOT true about a stock shareholder?
They make decisions for a corporation.
They may receive a dividend.
They own part of corporation.
None of these are true.
35
UPS and Fed Ex operate in this type of market structure.
Oligopoly
Monopolistic Competition
Pure Competition
Monopoly
36
Which form of business organization is taxed twice on income received?
Partnership
Corporation
All of these
Sole Proprietorship
37
Steve has a patent in his eye glass invention, sounds like Steve has
A technological monopoly
A medical monopoly
A geographic monpoly
A natural monopoly
38
Which of the following would NOT be considered a market failure?
A need for public goods
Resource Immobility
An unprofitable business
A negative externality
39
Baseball Bears finished up Region play by defeating these guys Tuesday night
Tattnall
Appling
Toombs
Brantley
40
The price of Chick-Fil-A nuggets decreases. What is true about Chick-Fil-A sauce?
Quantity Demanded Increases
Demand Increases
Quantity Demanded Decreases
Demand Decreases
41
A shareholder of a corporation
Is part owner of the corporation
All of these
Is liable for corporation debt
Cannot sell shares
42
Long-term profits are almost impossible in this market structure
Monopolistic Competition
Monopoly
Perfect Competition
Oligopoly
43
What type of business organization is most challenged in raising capital?
Corporation
Franchise
Partnership
Sole proprietorship
