Unit 1 Test Review (EPF)

If a town has only one gas station then the market for gas in that town is in which market structure?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

5 cell phone makers control about 85% of the market for cell phones so they are in what market structure:

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

A ton of companies make clothing but some brands are able to charge more because of perceived status or quality. this puts them in which market structure

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

Which market structure has the MOST competition in the marketplace?

• Perfect Competition

• Monopolistic Competition

• Oligopoly

• Monopoly

When a market has more competition between firms in the market what will happen to price for the product in that market?

• It will rise

• It will fall

• stays the same

• Unknowable

Which of the following phase of business cycle would you expect to see the unemployment rate increasing?

• Expansion

• Contraction/recession

Which of the following phase of business cycle would you expect to see productivity declining?

• Expansion

• Contraction/recession

Which of the following phase of business cycle would you expect to see GDP increasing?

• Expansion

• Contraction/recession

Which of the following phase of business cycle would you expect to see both supply and demand declining?

• Expansion

• Contraction/recession

Which of the following phase of business cycle would you expect to see inflation increasing?

• Expansion

• Contraction/recession