Economics Unit 3

What of the following best describes a Labor Union?

• A group that fights for voters rights

• An organization that is formed to help increase the labor and improve the pay of its members

• A persons rights at work

• Business groups that exist to help consumers

The four market structures are?

• perfect competition, monopolistic competition, oligopoly, and monopoly

• Sole Proprietorship, monopolistic competition, Franchisee, and monopoly

• competition, monopolistic, oligopoly, and monopoly

• Stocks , Corporations oligopoly, and monopoly

Sole proprietorship has the following characteristics:

• High Startup cost

• Easy to raise money

• No extra additional taxes

• Many Restrictions

True or False, all States do not have the same minimum wage

• True

• False

Business Partnerships have

• Low Startup cost

• Benefits from Team Work

• Answer A & B are correct

• Less borrowing capacity

Income is determined by the market value of the

• What the business says

• Product you produce for consumption

• productive resources for sale

• rate of inflation

Employers are the_____________ in labor markets

• Suppliers

• Commanders

• Owners

• Demanders

price discrimination—

• Was outlawed by the Clayton Antitrust Act

• That prices can vary by state

• the practice of selling the same product to different consumers at different prices if it substantially lessens competition

Sherman Antitrust Act...

• “to protect trade and commerce against unlawful restraint and monopoly.” Was Passed into law in 1890

• “to protect trade and commerce against unlawful restraint and monopoly.” Was Passed into law in 1956

• “to protect trade and commerce against unlawful restraint and monopoly.” Was Passed into law in 1907

• “to protect trade and commerce against unlawful restraint and monopoly.” Was Passed into law in 1776

public goods in the United States

• Things that society tends to ignore

• Provided for by Private funding

• Make the economy less productive because of taxation

• Make the economy more productive