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Unit 3:Market Structures and Business Orgs Flashcards | StudBud
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Unit 3:Market Structures and Business Orgs
Unit 3:Market Structures and Business Orgs
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Review for Unit 3: Market Structures and Business Organizations
Flashcards
30 cards
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Questions
30
Answers
1
If you are liable for all the debts of your company, what type of business do you have?
monopoly
conglomerate
corporation
sole proprietorship
2
Which is a nonexcludable public good?
Pecos Park
A movie at Harkins
Lightshow at Disneyland
Tonto Natural Bridge
3
What kind of market results when one company has the lowest costs and becomes the only seller?
a public franchise
a natural monopoly
monopolistic competition
perfect competition
4
What are harmful side-effects of a business activity felt by third parties?
negative externalities
unintended consequences
marginal effects
positive externalities
5
What market structure involves many sellers slightly differentiating their goods?
perfectly competitive
monopoly
monopolistic-competitive
oligopoly
6
Which of the following is a disadvantage of a sole proprietorship?
legal constraints
lack of permanence
difficult to start up
high taxes
7
Which market structure has the highest barriers to entry for new sellers?
oligopoly
monopolistic-competitive
perfectly competitive
monopoly
8
Because stock dividends count as individual income, they are subject to
SCC reporting guidelines
laws of supply and demand
strict scrutiny
double taxation
9
Unincorporated business with two or more owners
Corporation
Partnership
Business Franchise
Sole Proprietorship
10
organization that collectively represents workers against management
association
closed shop
union
guild
11
Agreement allowing another business to use your name and products like yours
partnership
joint venture
angel venture
franchise
12
Economic term for one who benefits from an activity without paying for it
Sovereign Citizen
Shirker
negative externality
Freerider
13
A group of workers who work together to create a product.
Service Organization
Consumer Cooperative
Service Cooperative
Producer Cooperative
14
How much control over price do companies in a perfectly competitive market have?
none
total
some
very little
15
What kind of good is both exludable and rivalrous?
private good
public good
club good
common good
16
Corporations are defined as “entities” because they
sell products in the US
have a legal identity separate from those of their owners.
may merge in various ways.
require a certificate of corporation.
17
What is the most common type of business structure?
sole proprietorship
partnership
franchise
corporation
18
Your uncle owns a convenience store that has branches nationwide. His store is an example of a
business franchise.
consumer cooperative.
multinational.
professional organization.
19
The primary goal of every business is to:
to maximize profits.
to maximize sales revenue
to minimize costs
to minimize liability.
20
If a general partnership fails, who is responsible for the debts?
only the senior partner
all of the partners
anyone who works for the partnership
no one
21
Market structure where only a few businesses supply a good or service.
Perfect Competition
Oligopoly
Monopolistic Competition
Monopoly
22
Which business organization makes the most profits?
Franchises
Sole Propritorships
Partnerships
Corporations
23
Market where many businesses provide a similar (not same) product or service
Monopoly
Perfect Competition
Monopolistic Competition
Oligopoly
24
When you have no power to set the sales price for your good or service, you are a:
price taker
price searcher
price sticker
price maker
25
SRP and APS are both examples of
Partnerships
Oligopolies
Public Franchise
Government granted Monopolies
26
Market structure where many firms supply an identical product
Perfect Competition
Monopolistic Competition
Monopoly
Oligopoly
27
In a publicly held corporation...
a large number of stockholders can buy and sell stock.
stockholders rarely trade their stocks.
family members only can hold stock.
stocks are not usually traded at stock exchanges.
28
Which market structure has the lowest number of sellers?
oligopoly
perfect competition
monopolistic competition
monopoly
29
Which businesses produce goods with no close substitutes?
oligopolies
monopolies
monopolistic competitive
perfectly competitive
30
What kind of good is both non-excludable and rivalrous?
common goods
private goods
public goods
club goods
