BJU Economics CH 9

Which type of business organization is most common?

What was Andrew Carnegie known for?

Gambling and Investing are the same because they both depend on random chance

Name a common barrier to enter the market.

What is the economist's view of the market?

Public utilities are an example of a _______________ monopoly.

The free market is less efficient than the government at providing proper supply of goods and services.

What type of competition is most common in America?

IPO stands for...

Competition is important to market systems because

From whom do businesses ultimately receive the factors of production?

When did America experience intensive economic growth?

What is a stock?

Where supply and demand curves meet is known as:

Andrew Carnegie spent his wealth...

Radical capitalism exists only theoretically

What is demand?

Speculation was a form of gambling.

Which would be a product with the least amount of differentiation?

The factors of production are

Which stock exchange has no floor

What is the problem that every human has that creates a disadvantage in business partnerships?

The first American stock exchange was in Philadelphia.

Where do banks get the money to make loans?

What are the two types of partnerships?

In which market structure do producers have the most market power?

Any factor that makes it difficult for a new firm to enter a market

The business type where two or more people share ownership is:

What is the most reputable stock exchange

What type of business ownership provides the owner with limited liability?

Which two basic economic principles create the need for choices?

Which market structure is nearly impossible to enter?

What did the Clayton Act do?

What did the Sherman Act do?

What is market equilibrium?

Its easier for a business to enter a market with perfect competition than to enter oligopoly.

Radical capitalism ultimately sees no need for government.

Radical communism ultimately sees no need for government.

The first antitrust act was the:

This biblical concept refers to a person's responsibility to make proper choices with resources

What was the Federal Trade Commission committed to preventing

How many shares of stock are usually available in the initial public offering?

Which of the following is a modern cartel?

What comes first?

Holders of common stock do not get to vote on members of the board of directors.

What is the most important factor of production?

From what source do firms get the funds to purchase more real capital?

A drop in income would have the least impact on demand for ___.

An industry where there is a Monopoly because there are high start up costs like utilities.

What is Alfred Marshall known for?

Which Competition type has the greatest level of product differentiation? (best answer)

Def: What you give up as a result of a decision you make.

What does FTC stand for?

What was Andrew Carnegie known for?