Vocabulary Quiz Ch 1-9 Economics

Which is NOT a type of labor?

Land, labor, and capital is an example of

Justin is 12 years old and mows his neighbors lawn for $5/hour.  Is he part of the labor force?

What's the advantage of a sole proprietorship?

Profits divided and paid to stockholders are called

This economic system relies on habit, custom, or ritual...

Who was the "Father of Capitalism"?

Which is an example of a price floor?

Taxes on gasoline, tobacco, and fireworks is an example of

A business that has locations in more than one country is called

A set of government programs that help people in times of difficulty are called

Which type of merger involves businesses that make the same good or service?

Which is a disadvantage of a general partnership?

When people conduct business without regard for government controls on price or quantity:

Labor that requires advanced skills and education is called

A steady rise in the stock market over a period of time is called

What year did the "Great Crash" of the stock market occur?

An economic side effect that can be good or bad is called

Hong Kong is an example of which economy:

A way to attract customers through style, service, or location, but not a lower price is called

A market dominated by a single seller is called

What is a Right-To-Work law?

A glass ceiling is described as

Using a third party that has legal authority over labor negotiations is called

One's own personal gain is called

Based on the graphic, which recession was the worst?

Too much supply and not enough demand leads to this

An agreement among firms to divide the market, set prices, or limit production is called

Who owns a corporation?

Any factor that makes it difficult for a new firm to enter a market is called