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Econ CTA 1
In monopolistic competition:
What is general partnership?
Econ CTA 1
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1
What is general partnership?
Equal share in profits
Each partner shares in the profits and losses
Equal share in losses
only one partner is liable for losses
2
In monopolistic competition:
there are a large number of producers
all of these are correct
fairly easy to enter and exit the market
each firm produces a differentiated product
3
what is limited liability?
dont lose anything
only lose what they have invested
lose everything
wont make money
4
Subsidies are
graphs and analytics
funds that the government provides
taxes the government charges
issues the government debates
5
What would be an example of a Barrier to Entry?
Tech
Start-Up Costs
Demand
Supply
6
Horizontal Mergers are what?
A company buying a competitor
When a company buys their supplier
When a company shares profits with their suppliers
7
What is demand?
how many people want to buy a good
when a karen demands to see the manager
relationship between people and their money
how much people are willing and able to buy a good
8
What is supply?
total amount of products that the buyer and seller have combined
the amount of money the buyer has
how many items the buyer can purchase
how much of a product the market has to offer
9
A vertical merger combines what type of businesses?
Franchise businesses
Businesses that make different stages of the same thing.
Business that are non-competing.
Businesses that make the same thing.
10
The Law of Supply is
says that when price goes up, supply goes up
An inverse relationship
says that when price goes up, demand goes down
based on consumers behavior
11
The 3 fundamental economic questions are....
Where to produce, how to produce, for whom to produce
What to produce, how to produce, for whom to produce
What to produce, how to produce, where to produce
What to produce, where to produce, for whom to produce
12
Who controls a centrally planned economy?
The Consumer
The Queen
The Government
The Business Owners
13
The Law of Demand says that :
As Price goes up, quantity demanded remains the same
As price goes up, the quantity supplied goes up
As price goes up, quantity demanded goes down
As price goes up, quantity demanded goes up
14
What is deregulation?
All of the above
Elimination of government restrictions as a whole
Elimination of government restrictions to allow free-market competition
Elimination of corporate officials in large businesses
15
A Sole Proprietorship is............
someone who holds property for the benefit of another person
one or more general partners & one or more limited partners
one individual or married couple in business alone
property being held and managed by the shareholders
16
what is guns or butter
deciding to use more than one resource
trade off nations face when choosing to produce more or less
alternate given up as the result of a decision
an alternate that we gain when we make a decision
17
Which idea does NOT go along with laissez faire economics?
A factory produces whatever it wants.
The state funds education.
A man starts a business.
A consumer chooses from two options.
18
Opportunity cost measures
average cost plus MC
environmental cost
alternative that has to be given up to produce smthing
19
What drives a free market?
Consumers
Supply
Demand
Producers
