FREE AND STUDY GAMES ABOUT ECON CHAPTER

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FREE AND STUDY GAMES ABOUT ECON CHAPTER 7/8

EXAM QUESTIONS

Actual Qs and Ans Expert-Verified Explanation

This Exam contains:

-Guarantee passing score -83 Questions and Answers -format set of multiple-choice -Expert-Verified Explanation Question 1: A business owner is responsible for all the losses, debts, and other claims against the business

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Unlimited liability Question 2: The joining of companies that offer the same or similar products or services

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Vertical merger

Question 3: The attempt to distinguish a product from similar products

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Product differentiation Question 4: A monopoly that exists because there are no other producers or sellers within a certain region

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Geographic monopoly

Question 5: Disadvantages of sole proprietorships

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Limited funds, limited life, unlimited liability Question 6: Contract the corporation issues that promises to repay borrowed money, plus interest, on a fixed schedule

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Bond Question 7: Laws that define monopolies and give government the power to control them and break them

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Antitrust legislation

Question 8: Retains control over who can buy or sell the stock

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Private company

Question 9: An enterprise that produces goods or provides services

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Business organization Question 10: An economic model that allows economists to examine competition among businesses in the same industry

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Market structure

Question 11: Disadvantages of corporations

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Start-up cost and effort, heavy regulation, double taxation, loss of control Question 12: A partnership in which at least one partner is not involved in day-to-day running of business and is liable only for the funds he or she has invested

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Limited partnership

Question 13: A ruling that requires a firm to stop an unfair business practice

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Cease and desist order

Question 14: Requires businesses to reveal product information to consumers

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Public disclosure Question 15: A type of business operated for the shared benefit of the owners, who are also its costumers

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Cooperative Question 16: A business made up of semi-independent businesses that all offer the same products or services

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Franchise Question 17: One of the most common market structures in which many sellers offer similar, but not standardized, products

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Monopolistic competition Question 18: An individual business that pays a fee to the parent company in return for the right to sell the company's product

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Franchisee

Question 19: Examples of LLP

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Medical partnerships, law firms, and accounting firms

Question 20: Continue to exist even after a change in ownership

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Unlimited life

Question 21: Come close to perfect competition

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Corn.beef (agricultural products) Question 22: The combining of companies involved in different steps of production or marketing of a product or service

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Vertical merger

Question 23: A moderated discussion with small groups of consumers

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Focus group Question 24: Most common type of business organization in the US, a business owned and managed by a single person

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Sole proprietorship

Question 25: Advantages of a sole proprietorship

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Easy to open/close, few regulations, freedom and control, owner keeps profits Question 26: Involves actions taken to reduce or remove government oversight and control of business

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Deregulation

Question 27: Examples of an oligopoly

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Movie theaters, breakfast cereal Question 28: A monopoly that exists because the government either owns and runs the business or authorizes only one product

Answer:

Government monopoly