Economics MP4 4WKS

Perfect competition is a

• market structure in which a large number of firms all produce the same product

• market structure in which a small number of firms all produce the same product

• market structure in which a large number of firms produce different products

• market structure in which a small number of firms produce different products

Barriers to entry are

• limited to large corporations

• factors that make it difficult for new firms to enter a market

• factors that do not meet the conditions of imperfect competition

• all of the above

A monopoly forms

• when a contract is issued by a local authority

• when barriers prevent firms from entering a market that has a single supplier

• when a market is dominated by a few large, profitable firms

• none of the above

An oligopoly describes

• a market dominated by a few large, profitable firms.

• many companies competing in an open market.

• formal organizations of producers coordinating prices and production.

• all of the above

The fact that money must withstand the wear and tear that comes from being used over and over again is a measure of its _____.

• durability

• portability

• relevance

• stocks

When was the first Bank of the United States formed by the Federalists?

• 1776

• 1812

• 1913

• 1791

After the Civil War, the National Banking Acts gave the federal government the power to do all of the following except?

• insure banks against failure

• charter banks

• require banks to hold adequate gold and silver

• have a single national currency

Why are funds in checking accounts called demand deposits?

• They can be paid to anyone who writes and presents a check for them.

• They are available whenever the depositor writes a check for them.

• They are kept without interest by the bank.

• They will be paid without a check being drawn if necessary.

Barter is

• a means for comparing the values of goods and services.

• the direct exchange of one set of goods or services for another.

• anthing that serves as a medium of exchange, a unit of account, and a store of value.

• none of the above.

Money is

• anything that serves as a medium of exchange.

• a unit of account.

• a store of value.

• all of the above.