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Irondale Econ Unit 3 Review Flashcards | StudBud
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Irondale Econ Unit 3 Review
Irondale Econ Unit 3 Review
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1
If an investor receives pre-determined interest, they are investing in what?
Stocks and Bonds
Bonds
The Market
Stocks
2
If a business has no reason to improve its product due to a lack of competition, it is likely a
Monopolistic Competitive
Perfectly Competitive
Monopoly
Oligopoly
3
If you have better education and training than someone else, what is more likely to happen?
you will most likely be unemployed
you will be a more productive employee
you are younger than that other person
you will be a less productive employee
4
I am Santa's MOST PRODUCTIVE elf, making the HOTTEST new toys. One can assume that...
I make less in wages than other elves
I have the least education of the elves
My wages are the same as the rest of the elves
I make the highest wage
5
Rent, software subscriptions, and monthly consulting fees are all examples of...
Variable Costs
Fixed Costs
Unpredictable Costs
Marginal Costs
6
Cereal and Soda are both dominated by a few companies. That market is a...
Monopoly
Monopolistic Competitive
Oligopoly
Perfectly Competitive
7
Externalities are...
side effects of an action that affects 3rd parties
the opposite of "Internalities"
Actions that affect the business sector
Actions outside of your control
8
If you sell an IDENTICAL product to another seller, you must be in what type of market?
Perfectly Competitive
Oligopoly
Monopolistic Competitive
Monopoly
9
The terms "one seller," "difficult entry into market," and "anti-trust laws" have to do with...
Monopolistic Competitive
Monopoly
Perfectly Competitive
Oligopoly
10
What would happen to the labor market for oil workers if all cars were electric?
Increase in oil prices
A decrease in the demand for oil workers
Decrease in auto sales
An increase in the demand for oil workers
11
Total Revenue - Total Cost =
Variable Cost
Marginal Revenue
Marginal Cost
Profit or Loss
12
Demand for workers > Supply for workers =
weak labor market
high unemployment rates
shortage of workers
surplus of workers
13
Describe a corporation...
when the business is legally distinct from its owners
unlimited liability for the shareholders
when the owners bear all of the legal risk
two people that have a legally binding partnership
14
If your company spends a lot of money on advertising, packaging, and differentiating, you are a
Oligopoly
Monopolistic Competitive
Monopoly
Perfectly competitive
15
When would a strike most likely take place?
when a union and employer can't agree
after the union and employer sign an agreement
when the workers do not have a union
when the union charges fair dues
16
wages, input costs, and machine repairs could all be examples of what?
Fixed Costs
Variable Costs
Marginal Costs
Cost-controlled items
