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Unit 2 Test
Unit 2 Test
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Questions
36
Answers
1
This market structure has four (4) categories: natural, geographical, technological, & government.
Pure Compeition
Oligopoly
Monopolistic Compeition
Monopoly
2
What does B represent?
Price
Demand
Market Clearing Price
Dewoman
3
Government regulations and technology could effect and make a change in supply
False
True
4
A strength of a sole proprietorship
Management knowledge may be limited
Unlimited liability – owner responsible for all losses and debts
Personal freedom
Difficulty in raising financial capital
5
What does D represent?
Shortage
Marginal Benefit
Corperation
Surplus
6
This market structure can sometimes result in the illegal acts of collusion or price-fixing.
Oligopoly
Monopolistic Compeition
Monopoly
Pure Compeition
7
What does this graph illustrate?
Decrease in Supply
Decrease in Demand
Quantity
Price
8
What does B represent?
Quantity
Price Floor
Price
Price Ceiling
9
This occurs when few sellers supply up to 70-80% of the output of an entire industry.
Monopoly
Oligopoly
Monopolistic Compeition
Pure Compeition
10
Rent control in New York City is an example of a price ceiling
True
False
11
Many buyers and sellers with identical products would be what market structure?
Pure Competition
Monopoly
Monopolistic Competition
Partnership
12
The amount of money remaining after producers have paid all their costs is called overhead costs
False
True
13
What does E represent?
Market Clearing Price
Price
Market equilibrium
Quantity
14
What does this graph illustrate?
Increase in supply
decrease in demand
decrease in supply
Increase in demand
15
Law of Supply - As price increases, supply increases.
False
True
16
The intersection of demand curve and the supply curve is the marginal benefit
False
True
17
Cost of inputs could make a change in supply
False
True
18
What does D represent?
Supply
Quantity
Demand
Price
19
Consumer incomes, tastes and preferences and consumer price expectations effect demand
True
False
20
Fixed Cost is the cost of production that does change as output changes.
False
True
21
Technology can increase production and thus, shift the supply curve to the right
False
True
22
What does A represent?
Quantity
Price Floor
Supply
Demand
23
A weakness of a corperation
Greater financial capital – stocks, bonds
Specialized management
Ease of transferring ownership - stock
May be larger, more bureaucratic than other forms of business
24
A strength of a partnership
Partners may combine managerial skills
Possible instability after death of a partner
Shared profits
Possible conflicts between partners
25
The
substitution
effect helps you predict an increase in substitute goods.
False
True
26
Minimum wage is an example of a price floor.
False
True
27
What does C represent?
market equilibium
market equilibrium
market equlibrium
marke equilibrium
28
Break-Even is the production point where total cost equals total revenue.
False
True
29
Variable Cost is the cost that varies as output changes.
False
True
30
What does C represent?
Partnership
Shortage
Surplus
Marginal Benefit
31
Numerous sellers offer similar but slightly different products in this market structure
Oligopoly
Monopoly
Pure Compeition
Monopolistic Compeition
32
A weakness of a sole proprietorship
Lower taxes – no corporate taxes
Easy to start and go out of business
Pride of ownership
Difficulty in raising financial capital
33
What does A represent?
Price Floor
Supply
Demand
Price Ceiling
34
An influx of businesses into a small market could decrease supply for a business
False
True
35
A strength of a corperation
Greater financial capital – stocks, bonds
Increased taxation
May be larger, more bureaucratic than other forms of business
Difficulty in starting
36
A weakness of a partnership
Ease of efficiency
Possible conflicts between partners
Ease of establishment
Partners may combine managerial skills
