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Irondale Econ Unit 3 Review Flashcards | StudBud
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Irondale Econ Unit 3 Review
Irondale Econ Unit 3 Review
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Questions
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Answers
1
The terms "one seller," "difficult entry into market," and "anti-trust laws" have to do with...
Oligopoly
Monopolistic Competitive
Monopoly
Perfectly Competitive
2
If you have better education and training than someone else, what is more likely to happen?
you will be a more productive employee
you will be a less productive employee
you will most likely be unemployed
you are younger than that other person
3
If your company spends a lot of money on advertising, packaging, and differentiating, you are a
Perfectly competitive
Monopolistic Competitive
Oligopoly
Monopoly
4
Rent, software subscriptions, and monthly consulting fees are all examples of...
Fixed Costs
Marginal Costs
Unpredictable Costs
Variable Costs
5
If an investor receives pre-determined interest, they are investing in what?
Bonds
The Market
Stocks
Stocks and Bonds
6
When would a strike most likely take place?
when the workers do not have a union
when a union and employer can't agree
after the union and employer sign an agreement
when the union charges fair dues
7
If a business has no reason to improve its product due to a lack of competition, it is likely a
Monopoly
Oligopoly
Perfectly Competitive
Monopolistic Competitive
8
Cereal and Soda are both dominated by a few companies. That market is a...
Monopolistic Competitive
Perfectly Competitive
Oligopoly
Monopoly
9
What would happen to the labor market for oil workers if all cars were electric?
Decrease in auto sales
A decrease in the demand for oil workers
Increase in oil prices
An increase in the demand for oil workers
10
Total Revenue - Total Cost =
Marginal Cost
Profit or Loss
Marginal Revenue
Variable Cost
11
wages, input costs, and machine repairs could all be examples of what?
Variable Costs
Fixed Costs
Marginal Costs
Cost-controlled items
12
Describe a corporation...
two people that have a legally binding partnership
unlimited liability for the shareholders
when the owners bear all of the legal risk
when the business is legally distinct from its owners
13
If you sell an IDENTICAL product to another seller, you must be in what type of market?
Perfectly Competitive
Monopolistic Competitive
Monopoly
Oligopoly
14
I am Santa's MOST PRODUCTIVE elf, making the HOTTEST new toys. One can assume that...
I have the least education of the elves
I make less in wages than other elves
I make the highest wage
My wages are the same as the rest of the elves
15
Demand for workers > Supply for workers =
weak labor market
surplus of workers
high unemployment rates
shortage of workers
16
Externalities are...
Actions that affect the business sector
Actions outside of your control
the opposite of "Internalities"
side effects of an action that affects 3rd parties
