Module 2 Quiz Review

Why do partnerships have an advantage over sole proprietorships?

Which of the following does NOT describe an economic system?

Which is a good example of a trademark?

Why does production increase in the long run?

The _____ is a measure of the changes in prices for commonly purchased goods and services

If a firm's long-run average cost decreases as production increases, what is being demonstrated

Which government agency regulates the safety of cosmetics?

It takes a seamstress 12 hours to produce 2 dresses. What's her labor productivity per hour?

If you invent a new product, your invention is protected by which type of property rights laws?

How can a country maximize the benefits of trade?

What is inflation?

Which defines a market economy?

Who benefits from a quota on imported goods to the U.S.?

What is it called when one producer has a lower opportunity cost than another producer?

What is one possible advantage to having a trade surplus in the U.S.?

Households are responsible for ___ while businesses are responsible for ___

Consumer goods and services are bought in which of the following markets?

What is the most likely reason the federal budget has been in deficit for so long?

What is federal debt?

Households having the power to decide what businesses produce is called?

Which amendment established personal property rights laws in regards to the federal government?

What are governments attempting to do by regulating natural monopolies?

What other class does Mr. Helmick teach?

Which of the following is a good, not a service?

What is inflation?

How does a limited liability partnership (LLP) differ from a limited liability company (LLC)?

Which of the following would be considered a true entrepreneur?

Which of the following would MOST LIKELY cause the federal deficit to decrease?

Sedna hunts animals liker her grandpa did to provide for their village. This is an example of

What is the effect of a tariff on imports to the U.S?

How has the Internet affected competition between firms?

Which reflects the rise and fall of economic activity to the long-term growth of the economy?

The govt runs healthcare and postal service, but citizens control all other activities in a

Which of the following are included in the business cycle?

Which government agency helps Congress develop guidelines for different appropriations?