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Economics Module 3 Review Flashcards | StudBud
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Economics Module 3 Review
Economics Module 3 Review
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Economics Business
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
When each additional unit consumed gives less satisfaction, or utility
Marginal revenue
Law of Diminishing Returns
Product possibility curve
Marginal cost
2
The revenue gained with production of one additional unit of a good or service
Marginal revenue
Capital
Law of Diminishing Returns
Marginal cost
3
When hospital Ownership Of Physician Practices can increase Higher Prices And Spending.
horizontal consolidation
Entrepreneurs
Mergers
vertical consolidation
4
Alex starts a moving company, concerned with expenses;risk to personal assets.
Sole Proprietorship
Partnership
Limited Liability Company
Corporation
5
In this type of market consumers have only one option
monopoly
Monopolistic competition
Pure competition
oligopoly
6
Who produces Goya Foods?
Howard Schultz
Joseph Unanue
Larry Page and Sergey Brin
Samuel Morse
7
Bill Gates is an example of a person willing to take risk to build empire based on new ideas.
partnership
conglomerate
entrepreneur
sole proprietorship
8
90% of the total national cellular phone market are controled.
Pure competition
Monopolistic competition
monopoly
oligopoly
9
Which Entrepreneur designed hair products?
Samuel Morse
An wang
Madam Walker
Margaret Hutchinson Rousseau
10
Kohl's company stock sell for $54.67 a share distributes profits among shareholders. .
Entrepreneur
partnership
cooperation
sole proprietorship
11
The cost of producing one additional unit of a good or service.
Marginal cost
Oligopoly
Marginal revenue
Monopoly
12
An emotional target used by adverstiers.
ritual
fear
social values
senses
13
Also known as mergers or buy outs
Horizontal consolidation
Vertical consolidation
Oligopoly
Monopolistically competitive
14
Unlimited liability means that
the owner has complete legal responsibility.
business cannot lose more than a fixed amount.
shareholders of a company receive dividends
access to borrow money easier.
15
Who is the Entrepreneur who designed Starbucks?
James Cash Penny
Samuel Morse
Howard Schultz
Joseph Unanue
