Module Four Exam Review

Question 1

There&#x27;s a market with differentiated yet similar products and high level of competition. What type of Business Structure

Accepted Answer

Monopolistic Competition

Question 2

Unions use this method of negotitating on behalf of their members to employers.

Accepted Answer

Collective Bargaining

Question 3

Laws firms are frequently organized this way; two or more owners split profits and losses.

Accepted Answer

Partnership

Question 4

Sally is looking for a job, but does not yet have one; she&#x27;s 16. Sally is a part of the:

Accepted Answer

Labor Force

Question 5

Pollution emitted by a factory is an example of a:

Accepted Answer

Negative Externality

Question 6

This type of Market Structure colludes to set fixed prices, they are often called a cartel; this is illegal in the US.

Accepted Answer

Oligopoly

Question 7

Jimmy owns his own business. He is the sole owner and assumes all profits and losses of the company.

Accepted Answer

Sole Proprietorship

Question 8

Compated to Perfectly Competitive Markets, Markets Failures are:

Accepted Answer

Inefficient

Question 9

An Oil Company hires an engineering firm to help them comply with environmental laws. What is this an example of?

Accepted Answer

Outsourcing

Question 10

This Market Structure has the highest level of competition, and the price is completely determined by supply and demand.

Accepted Answer

Perfect Competition

Question 11

If a business is the only one selling a product in a specific market, then what type of Market Structure is it?

Accepted Answer

Monopoly

Question 12

True or False: Shareholders "own" part of the company they purchased stocks from.

Accepted Answer

True

Question 13

A Welder goes to Trade School to learn more about her craft. She seeks to gain more:

Accepted Answer

Human Capital

Question 14

When you join a company with this type of union, you must become a unon member once you&#x27;re hired.

Accepted Answer

Union Shop

Question 15

Why is the Stock Market sometimes called "high risk, high reward"?

Accepted Answer

Many people win or lose big on the Stock Market.

Question 16

Which of the following terms describes a place where buyers and sellers do business?

Accepted Answer

Market

Question 17

National Defense is considered a:

Accepted Answer

Public Good

Question 18

These businesses have their stock available for purchase and anyone can become a shareholder. They face heavy taxation.

Accepted Answer

Corporation

Questions 18