The most important idea in a perfect competition is

the seller has no control of the price

when a person must be a member of a union to get a job

make it illegal to have to join a union

Articles of incorporation

give basic information about a new corporation

The unemployment rate is...

unemployed / civilian labor force

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New Econ Test #3 Review

27 termsStudBud Administration692 plays

Review for Economics Test #3 #economics #monopoly #oligopoly #monopolisticcompetition #corporation #partnership #soleproprietorship

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Questions 27

Answers

1
When the City of Newman signs a contract with a company to provide a service it is
ownership of scarce resources
a patent
a public franchise
a copyright
2
Which one would most likely close with the death of an owner?
franchise
partnership
sole proprietorship
corporation
3
Most local McDonald's are what type of business firm?
partnership
franchise
sole proprietorship
corporation
4
The ownership structure of a company or firm is
Cooperative
Corporation
business organization
Partnership
5
A type of partnership where one of the partners is the general partner and has unlimited liability and the others don't
Super partnership
Limited partnership
General partnership
Limited Liability Partnership
6
Which of these is easiest to start and dissolve?
corporation
sole proprietorship
partnership
franchise
7
When you buy stock, you would become a part-owner in a
sole proprietorship
franchise
partnership
corporation
8
All partners share equally in this type of partnership
Super partnership
General partnership
Limited Partnership
Limited Liability partnership
9
Unemployment because of change in demand. Need to be retrained. This unemployment is...
frictional
structural
natural
cyclical
10
All of these are fringe benefits except for
union membership
paid vacation
retirement pay
health insurance
11
The most important idea in a perfect competition is
the seller has no control of the price
all sellers sell the identical good
easy entrance and exit in the market
many buyers and sellers
12
An oligopoly
totally controls the price
has many sellers
has one seller
has three to four sellers
13
A business that provides services for its members and is not run for profit is called a
cooperative
corporation
franchise
conglomerate
14
A stock market is an example of what type of market?
monopoly
perfect competition
monopolistic competition
oligopoly
15
This type of cooperative helps its members sell their goods.
Consumer cooperatives
Producer cooperatives
Service cooperatives
Supplier cooperatives
16
When the US unemployment rate matches the natural unemployment rate, we have
natural employment
frictional unemployment
total employment
full employment
17
The US car market is an example of this type of market.
monopoly
perfect competition
oligopoly
monopolistic competition
18
A closed shop is
one in which the owner has gone home because store closed
when a person must join a union as soon as they are hired
when a person must be a member of a union to get a job
when the store has gone out of business.
19
Right to work laws
make it illegal to have to join a union
requires that everyone have a job
pay you even if you don't want to work
requires workers to join a union
20
If you plagiarize in a paper, you could get in trouble because of
patents
copyrights
public franchises
ownership of scarce resources
21
Which of these is a disadvantage of a partnership?
partners can't specialize in what they are good at
difficult to make decisions
The business will usually end with the death of owner
no personal liability for the owners
22
Which of these is subject to double taxation?
sole proprietorship
franchise
corporation
partnership
23
This type of unemployment is thought to be unrealistic.
cyclical
full
structural
zero
24
A group that is run by a board of directors and provide some benefit to the public
professional organization
non-profit organization
business association
trade association
25
Articles of incorporation
are found on a stock website
are signed to start a partnership
give basic information about a new corporation
were the laws before the US Constitution
26
Which of these is not a type of monopoly?
public
market
government
natural
27
The unemployment rate is...
unemployed / civilian labor force
unemployed / total population
unemployed / non-institutional adult population
total population / unemployed

New Econ Test #3 Review Flashcards | StudBud