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Business Economics Review Flashcards | StudBud
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Business Economics Review
Business Economics Review
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Questions
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Answers
1
A cooperative is owned by...
Its workers.
A single owner
Shareholders
A handful of owners
2
A C-corporation is owned by...
Shareholders
A handful of owners.
Its workers.
A single owner.
3
The first law to regulate monopolies was...
The Robinson-Patman Act
The FTC Act
The Clayton Act
The Sherman Act
4
What is the purpose of the Clayton Act?
Protect monopolies.
Stop the formation of monopolies.
Break up existing monopolies.
Prevent predatory pricing.
5
Why are monopolies bad for the economy?
They stifle innovation and competition
answer
6
A business with 3 owners would be what type of business structure?
Partnership
Corporation
Sole Proprietorship
Joint Venture
7
A Joint Venture happens when two companies come together to create something.
True
False
8
Which is NOT a main function of government in a Capitalist economy?
Economic Planner
Provider of Services
Regulator
Competitor
9
The founder of Capitalism was...
Adam Smith
JP Morgan
Karl Marx
Teddy Roosevelt
10
An example of a Quasi-Public Good would be...
Verizon
Minnesota Department of Transportation
Xcel Energy
Comcast
11
An example of a Capitalist nation would be...
The Soviet Union
Cuba
China
Germany
12
Which of the following is NOT a main business structure?
Partnership
Corporation
Estate
Sole Proprietorship
13
Private Businesses are allowed usually under Socialism.
False
True
14
An S-corporation pays corporate taxes.
False
True
15
A consumer's role in a Capitalist economy is to...
Compete against other businesses.
Overthrow the Capitalist class.
Regulate the economy.
Pick the winners and losers.
16
What are the two main economic systems?
Communism and Capitalism
Socialism and Communism
Capitalism and Feudalism
Socialism and Capitalism
17
What government agency regulates businesses today?
The Federal Trade Commission
The Central Intelligence Agency
The Federal Bureau of Investigation
The Department of Natural Resources
18
The Robinson-Patman Act helped protect small businesses by...
Preventing the formation of monopolies.
Making monopolies illegal.
Creating the Federal Trade Commission.
Outlawing predatory pricing.
19
Non-profits exist to...
Make a profit.
Help society.
Give away money.
Benefit their workers.
20
One advantage of a sole proprietorship is complete control of the business.
False
True
