Modules 3 & 4
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| A government owned monopoly is what type of monopoly? | Government Monopoly
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| A monopoly on a patented product/invention is what type of monopoly | Technological Monopoly
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| 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
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| A company which holds a monopoly is a geographically isolated area, is what type of monopoly? | Geographic Monopoly
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| In which type of market structure is there on seller and no competition? | Monopoly
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| In which type of market are there a few sellers with differentiated products? | Oligopoly
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| In which type of market are there numerous sellers with differentiated products? | Monopolistic Competition
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| In which type of market are there numerous sellers with identical products? | Pure Competition
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| Which type of business has only one owner and is most common in the US? | Sole Proprietorship
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| Which type of business has two or more owners? | Partnership
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| Which type of business must sell stocks and makes up 80% of all business revenue? | Corporation
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| What is the main disadvantage of both sole proprietorship and partnerships? | Unlimited Liability
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| What organization represents the rights of workers in regards to wages, benefits, working conditions, and job security? | Labor Union
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| Oligopoly and monopolistic competition are markets determined by _________ competition. | Non-price
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| ___________ is competition amongst many firms where they try to offer the lowest price to attract as many customers as possible. | Price Competition
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| Workers' earnings as determined by... | Productivity, incentives, and collective bargaining
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| Businesses can grow through... | Investment in R&D, issuing stocks, mergers
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| Goods provided by the government and consumed by the public are... | Public goods
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| Total of all outstanding debt owed by the government... | National debt
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| Situation when spending exceeds revenue... | Budget deficit
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| Situation when revenue exceeds spending... | Budget surplus
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| A Flat Income Tax is what type of tax? | Proportional
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| A tax that takes a higher percentage of higher incomes is what type of tax? | Progressive
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| A tax hat takes a higher percentage of lower incomes is what type of tax? | Regressive
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| What is the largest category of government revenue? | Income Tax
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| What is the largest category of government expenses? | Mandatory spending
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| What is the largest category of mandatory spending? | Social Security
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| What is government policy which promotes the economy through taxing and spending? | Fiscal Policy
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| What is government policy which the economy through altering the money supply? | Monetary Policy
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| To combat a recession, the Federal Reserve should a... | Loose Money Policy
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| The combining of two or more businesses involved in different steps of producing or marketing a product or service is a... | Vertical Merger
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| The joining of two or more companies that offer the same or similar products or services is a... | Horizontal Merger
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| A businesses composed of companies that produce unrelated good or services is a... | Conglomerate Merger
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