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Econ Exam 3

Modules 3 & 4

QuestionAnswer
A government owned monopoly is what type of monopoly? Government Monopoly
A monopoly on a patented product/invention is what type of monopoly Technological Monopoly
A market which is most efficient when their is a single large firm providing all of the output such as a utilities or internet provider, is what type of monopoly? Natural Monopoly
A company which holds a monopoly is a geographically isolated area, is what type of monopoly? Geographic Monopoly
In which type of market structure is there on seller and no competition? Monopoly
In which type of market are there a few sellers with differentiated products? Oligopoly
In which type of market are there numerous sellers with differentiated products? Monopolistic Competition
In which type of market are there numerous sellers with identical products? Pure Competition
Which type of business has only one owner and is most common in the US? Sole Proprietorship
Which type of business has two or more owners? Partnership
Which type of business must sell stocks and makes up 80% of all business revenue? Corporation
What is the main disadvantage of both sole proprietorship and partnerships? Unlimited Liability
What organization represents the rights of workers in regards to wages, benefits, working conditions, and job security? Labor Union
Oligopoly and monopolistic competition are markets determined by _________ competition. Non-price
___________ is competition amongst many firms where they try to offer the lowest price to attract as many customers as possible. Price Competition
Workers' earnings as determined by... Productivity, incentives, and collective bargaining
Businesses can grow through... Investment in R&D, issuing stocks, mergers
Goods provided by the government and consumed by the public are... Public goods
Total of all outstanding debt owed by the government... National debt
Situation when spending exceeds revenue... Budget deficit
Situation when revenue exceeds spending... Budget surplus
A Flat Income Tax is what type of tax? Proportional
A tax that takes a higher percentage of higher incomes is what type of tax? Progressive
A tax hat takes a higher percentage of lower incomes is what type of tax? Regressive
What is the largest category of government revenue? Income Tax
What is the largest category of government expenses? Mandatory spending
What is the largest category of mandatory spending? Social Security
What is government policy which promotes the economy through taxing and spending? Fiscal Policy
What is government policy which the economy through altering the money supply? Monetary Policy
To combat a recession, the Federal Reserve should a... Loose Money Policy
The combining of two or more businesses involved in different steps of producing or marketing a product or service is a... Vertical Merger
The joining of two or more companies that offer the same or similar products or services is a... Horizontal Merger
A businesses composed of companies that produce unrelated good or services is a... Conglomerate Merger
Created by: daniel.owen
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