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Economics: Unit II Part II Flashcards | StudBud
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Economics: Unit II Part II
Economics: Unit II Part II
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Based on Chapter 2 from the book "Economic Choices: Concepts and Choices" #economics #12thgrade
Flashcards
50 cards
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Practice quiz
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Questions
50
Answers
1
Identify an advantage of partnerships
Continuity issues
Disagreements
Limited capital
Combined capabilities
2
T/F: This company represents a part of an oligopoly.
False
True
3
Which of the following is a disadvantage of corporations?
Taxation
Limited liability
Limited financial power
Unlimited life
4
What is a sole proprietorship?
A business owned by one person
Offer Stocks for purchase
A business owned by two or more individuals
Owned by many people
5
Which type of business org does a law office or medical practice most commonly form?
corporation
partnership
non-profit organization
sole proprietorship
6
Which type of business has to follow more regulations and pay higher taxes?
Cooperative
Corporation
Partnership
Sole Proprietorship
7
Which statement about corporations is not correct?
Must be a registered charter to operate
Offer Stocks for purchase
A business owned by one person
Owned by many people
8
Which market structure does #2 represent?
Monopolistic competition
Monopoly
Perfect competition
Oligopoly
9
Which of the following represents a negative externality?
all are examples
going to school with a fever
traffic jams and backups
polluting a local waterway
10
This is an illegal act where companies agree to set the same price for their goods.
Cohorting
Kahooting
Collaboration
Collusion
11
Slurpee
Elastic Demand
Inelastic Demand
12
Advantage: Gains access to support and training from parent business.
Corporation
Non-profit organization
Cooperative
Franchise
13
Advantage: Saves money for its user/owners
Cooperative
Partnership
Corporation
Sole proprietorship
14
The terms
Excludable
and
Rival in Competition
both refer to private goods.
False
True
15
T/F: Wheat is a product that is an example of monopolistic competition.
True
False
16
Which market structure does #3 represent?
Perfect competition
Monolopoly
Monopolistic competition
Oligopoly
17
Which market structure has the fewest barriers of entry?
Monopolistic competition
Perfect competition
Monopoly
Oligopoly
18
Which type of market structure has the least amount of market price control?
perfect competition
monopolistic competition
oligopoly
monopoly
19
Which market structure offers similar but varied products?
Monopolistic competition
Oligopoly
Monopoly
Perfect competition
20
Which of the two is the correct formula for measuring elasticity?
%change in Quantity Demanded / %change in price
%change in price / %change in Quantity Demanded
21
What is this picture illustrating?
inelastic demand
inelastic supply
elastic demand
elastic supply
22
Which market structure does #4 represent?
Perfect competition
Monopolistic competition
Oligopoly
Monopoly
23
T/F: At one time, this company was an example of a monopoly.
True
False
24
Which of the following is an example of a positive externality?
seeing the Blue Angel jets from London Bridge Road
buying ice cream from the Ice Cream truck on a 98 degree day
a sale on Christmas ornaments
25
Electricity
Inelastic Demand
Elastic Demand
26
T/F: A way to raise money for a corporation is to sell portions of ownership to the public.
False
True
27
Which of the following is a disadvantage of partnerships?
Decreased competition
Increased capital
Reduced expenses
Difficult to end
28
Which of the following is NOT an example of a cooperative?
credit union
Red Cross
Ocean Spray
Sam's Club
29
Which of the following is NOT a market failure?
Oligopoly
Monopoly
Monopolistic competition
Perfect competition
30
Which of the following is NOT a factor that affects elasticity of supply?
availabity of inputs
necessity vs luxury
mobility of inputs
storage capacity
31
Which of the following is NOT a factor that affects elasticity of demand?
availability of substitutes
luxury vs necessity
storage capacity
mobility of inputs
32
Which curve does the illustration represent?
Inelastic supply curve
Elastic demand curve
Inelastic demand curve
Elastic supply curve
33
T/F: Partners are liable for each others business decisions.
False
True
34
All partners have unlimited liability in which type of partnership?
Limited Liability Partnership
General Partnership
Limited Partnership
Silent Partnership
35
Restaurants and surf shops are likely examples of
monopolistic competition.
monopolies.
oligopolies.
perfect compeition.
36
A commodity is a product
that is unique but very difficult to come by.
that is in great demand.
that is unique but available.
one of many assorted items.
37
Why must a non-profit organization make a profit?
to buy new furniture and equipment to its employees
to provide health insurance and 401K's to workers
to cover expenses
to give raises to its employees
38
Disadvantage: 56% of these go on to fail
Non-profit organization
Franchise
Corporation
Entrepreneurship
39
A sole proprietor whose business is failing risks
limited liability.
higher taxation.
unlimited liability.
government handout.
40
T/F: Entrepreneurs are energetic and have integrity, but they are not risk takers.
True
False
41
What is a Partnership?
businss owned by two or more people but not incorporated
a business owned by one person
business owned by its members operated for their benefit
a legal entity separate from any of the owners
42
Which represents the most correct list of business responsibilities?
Obtain licenses, pay taxes, honor contracts
Deal honestly, protect whistle blowers, ensure prod. safety
cheat the customer, sell shoddy products, false advertising
EEO workplace, honor contracts, bait and switch techniques
43
Which of the following states that it is good to be near your competition?
Hotalling's Law of Spacial Competition
Newton's Law of Universal Gravitation
The Law of Optimal Space Options
Keplar's Law of Planetary Motion
44
The formula for elasticity states that if the answer if greater than 1 the product's demand is
Elastic.
Undeterminable.
Inelastic.
45
Which of the following is an example of a public good?
all are examples of public goods
roadways
streetlights
lighthouses
46
Which market structure does #1 represent?
Perfect competition
Monopoly
Monopolistic competition.
Oligopoly
47
Which of the following is NOT a right of businesses?
to be fairly compensated for property
to bait and switch through advertising
to protect their intellectual property
to hire and fire employees
48
LLP stands for
Legal liability permit
Low liquidity percentage
Limited liability partnership
Limited legal production
49
A product's demand IS elastic if it has a Ped of less than 1.
False
True
50
Based on how I'm doing on this Quiz, I think my test grade will be a(n)
D or below - so I better get studying!!!
C - if I'm lucky.
B - which I will be happy with.
A - Yay!!!
