Unit 11 Test Review - Ms. Ard

Legislation to prevent monopolies from forming and to preserve and promote competition.

The money used to run or expand a business.

A long-term increase in the general level of prices.

Which government agency maintains competition in the marketplace?

When the market is dominated by a few larger firms, this is called

In the business cycle, the point where real GDP reaches its lowest level and starts to climb again is called the

The legal responsibility for something, such as an action or a debt.

What is the goal of the Consumer Product Safety Commission (CPSC)?

Which agency approves prescription drugs for sale?

Which agency distributes vaccines and provides information to the public about certain illnesses?

The percentage of people in the civilian labor force who are not working but are looking for jobs.

A sole provider for a good or service.

In the business cycle, the point where real GDP reaches its highest level and then starts to turn down is called the

Aid given to the poor in the form of money or necessities.

People age 16 or older who are working or looking for work.

American Telephone and Telegraph (AT&T) was broken up in the 1980s by the government because it

What was the purpose of the Clayton Act?

Which act was the first law to ban monopolies in the U.S.?

When many firms sell products that are similar but not identical, like fast food restaurants, this market is known as

Period during which stock prices decline for a substantial period.

Which of these often owns natural monopolies of water and sewer services?

Action that causes an unsafe product to be removed from store shelves.

Payment to unemployed or injured workers to make up for lost wages.

To avoid being misled by rising prices, economists measure the economy by using

Period during which stock prices steadily increase.

A market situation in which the costs of production are minimized by having a single firm produce the product.

A government document granting permission to organize a corporation.

A combination of two or more companies into a single business.

When many firms compete to sell identical products, this market is known as

Alternating periods of economic growth and decline is called