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