Unit 5: Market Structures & Productivity

In which year would the economy be considered the healthiest based on the data provided?

• 2008
• 2010
• 2012
• 2014

What was the likely intention of these policies?

• Lowering prices for consumers
• Promoting economic growth
• Increasing rates of inflation
• Reducing competition

Every Saturday, at the Gilbert Farmers Market, many different vendors each sell identical crops. There are no major differences between the products sold, and there is no limit to the number of vendors permitted to sell their products.

• Pure Competition
• Monopolistic Competition
• Oligopoly
• Pure Monopoly
• Barrier to Entry

Major wireless companies such as Verizon, AT&T, and T-Mobile basically control the wireless market. They have such a large pool of customers, that it makes it difficult for smaller companies to enter the market as a competitor.

• Oligopoly
• Pure Competition
• Monopolistic Competition
• Pure Monopoly
• Barrier to Entry

The United States Postal Service (USPS) is the only government-provided postal service. It does not have any publicly-owned competitors.

• Pure Monopoly
• Pure Competition
• Monopolistic Competition
• Oligopoly
• Barrier to Entry

Many local hair salons compete for the same pool of consumers. There are many of them, but their services are not interchangeable. Some salons offer more specialized services, which gives them an edge over their competitors.

• Monopolistic Competition
• Pure Competition
• Oligopoly
• Pure Monopoly
• Barrier to Entry

Patent requirements, licensing fees, start up costs, and a high volume of established competitors are all keeping a new small business from finding immediate success.

• Barrier to Entry
• Pure Competition
• Monopolistic Competition
• Oligopoly
• Pure Monopoly

Which development indicates a country has entered a recession?

• Decrease in unemployment
• Decrease in GDP
• Increased prices for goods and services
• Increase in household income

In the event that the government must intervene in the free market, what is the government's main goal?

• Decrease the GDP
• Promote economic growth
• Manipulate prices
• Misrepresent supply to increase demand

Which of the following protects employees from being discriminated against in the event they in good faith report a violation in the workplace?

• Antitrust Law
• Internal Revenue Service (IRS)
• Whistleblower Law
• Collusion