Econ Test 2

Which of the following is not a condition for perfect competition? 

A merger between companies that produce the same good/service is a:

What kind of monopoly does the government generally permit?

What is the purpose of competition?

At a price of $2 how much is demanded?

What is monopolistic competition? 

Tax breaks for ethanol, result on the corn market.

Each of the following is a benefit of having a franchise except:

Soybeans:  A new hybrid produces twice as much per acre.  What impact will this have on supply?

Soybeans: A new hybrid produces twice as much per acre. What happens to the price of soybeans?

Any establishment formed to carry on commercial enterprises is a...

A horizontal merger combines two or more....

 Partnership where the partners have equal decision-making authority & unlimited liability

Which of the following is NOT a characteristic of a centrally planned economy?

Soybeans: US blocks the importation of soybeans from Brazil.  What happens to demand?

The amount of money paid to an investor in return for his investment is the:

A closely held corporation is...

What is the most effective way for consumers to make their desires known to a business?

Milk: The gov't subsidizes low milk prices. What will happen to the price for the consumer?

The business organization that accounts for the most total sales in the nation is the:

At a price of $7 there is a 

Ocean Spray is owned by the growers who provide the cranberries. This is an example of a:

At a price of $2 how much is supplied?

A business that is owned by the people who use its services is a:

The price of hogs increases, what is the result in the chicken market 

Which of the following is a commodity?

New technology allows farmers to produce twice as much wheat, result on the wheat market.

A business franchise ...

Costs incurred whether or not you provide a good or service are called?

Individuals who invest in a corporation by buying stock are:

A business that is owned and controlled by one person is a:

Sole proprietorship...

A merger between companies producing different stages of production is:

What is the effect of import restrictions on prices?

Supply = Quantity

When prices rise, which of the following happens to income?

Certificates of ownership in a corporation are called:

What is the motivating force behind the free market?