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econ ch7&8

Total questions: 30

Worksheet time: 15mins

Name
Class
Date
1.
 What would be an example of a type of a NATURAL monopoly? 
a)
NFL
b)
city water company
c)
Coca-Cola in a school
d)
CBS station in Indy
2.
A business organization that is dominated by just a few suppliers or producers is called a(n) 
a)
monopoly 
b)
oligopoly
c)
monopolistic competition 
d)
conglomerate
3.
An example of a market that is NOT an oligopoly is one for...
a)
soft drinks 
b)
cars 
c)
athletic shoes 
d)
corn
4.
The biggest advantage of a corporation would be...
a)
They're always profitable
b)
Limited life
c)
Limited Liability
d)
Their size
5.
What would be an example of an INDUSTRIAL ORGANIZATION?
a)
Caterpiller, Inc. 
b)
National Football League
c)
American Federation of Laborers
d)
United Auto Workers (UAW) 
6.
"Senior discounts" would be an example of...
a)
predatory pricing 
b)
price discrimination 
c)
fringe benefits 
d)
non-price competition
7.
Regulations and bureaucratic requirements are sometimes known as what slang term?
a)
red ink 
b)
black flags
c)
black ties
d)
red tape
8.

What movie won the Oscar for the best motion picture this year?

a)

The Shape of Water

b)

Get Out

c)

Manchester by the Sea

d)

Dunkirk

9.
What business is NOT an example of a horizontal merger?
a)
5th-3rd Bank
b)
Staples-Office Depot
c)
Altria Group
d)
Diamler-Chrysler
10.

Which national web-based corporation started and is based in Indianapolis? (not on test)

a)

Craig's List

b)

Angie's List

c)

Ebay

d)

Match.com

11.
What is a semi-independent business where royalties are paid to the parent company? 
a)
sole proprietorship
b)
corporation 
c)
franchise
d)
conglomerate
12.
Which franchise has the most stores in the U.S?
a)
Subway
b)
McDonald's 
c)
Taco Bell 
d)
KFC
13.
 The portion of corporate profits payed out to stockholders are called...
a)
fringe benefits
b)
swag perks
c)
dividends 
d)
profit-sharing
14.
 A "private" corporation is also called a(n)... 
a)
closely-held corporation
b)
public corporation 
c)
exclusive corporation 
d)
guarded corporation 
15.
This is an illegal practice of an oligopoly working together to set prices. 
a)
collusion 
b)
monopolistic competition 
c)
competitive pricing
d)
priceline negotiation 
16.
Producer cooperatives are mainly ____ marketing co-ops.
a)
non-profit
b)
agricultural
c)
professional 
d)
service 
17.
 The first national law against monopolies was the...
a)
Boggs-Clement Antitrust Act
b)
Dodd-Frank Antitrust Act
c)
Townshend Act
d)
Sherman Antitrust Act
18.
In 1982, this company was broken into several smaller companies by the government
a)
Microsoft 
b)
American Express 
c)
AT&T
d)
PBS
19.
The most familiar international cartel is... 
a)
NAFTA
b)
OPEC
c)
NEXIS
d)
EU
20.
What practice did Microsoft get in trouble for in the 90's? 
a)
predatory pricing
b)
price discrimination 
c)
non-price competition 
d)
exclusionary practices
21.

The "Innovators" feature of ch.8 focused on... (not on test)

a)

Sam Walton

b)

Robert Johnson

c)

Mary Kay Cosmetics

d)

Bill and Melinda Gates

22.
Which is an advantage of a sole proprietorship?
a)
unlimited liability
b)
full control
c)
shared decision making
d)
long life
23.

There are two of the main barriers to entry for a business. One is technology, and which is the other listed below?

a)

longevity

b)

monopolistic competition

c)

start-up costs

d)

limited liability

24.
 This is the term for the combination of three or more firms with completely unrelated goods.
a)
vertical merger
b)
partnership
c)
conglomerate
d)
horizontal merger
25.
 What is NOT one regulatory consideration that a sole-proprietor must consider?
a)
articles of incorporation
b)
zoning 
c)
licensing requirements
26.

Who won the Oscar for "Best Actor" last night? (not on test)

a)

Ryan Gosling

b)

Gary Oldman

c)

Daniel Kaluuya

d)

Daniel Day-Lewis

27.

Thirty-three years ago last week, what took place during the IU-Purdue bb game that will forever be remembered by Hoosiers?

a)

Bobby Knight punched a player

b)

Bobby Knight punched a referee

c)

Bobby Knight punched a fan

d)

Bobby Knight threw a chair

28.

Who won the Academy Award for the Best Actress last night? (not on test)

a)

Viola Davis

b)

Meryl Streep

c)

Frances McDormand

d)

Natalie Portman

29.
A business owned and managed by a single individual is called a...
a)
monopoly 
b)
sole proprietorhip
c)
oligopoly 
d)
single partnership 
30.

Teachers in which state held a strike again today to try to receive a promise by the legislature to increase their pay by 5%? (not on test)

a)

Ohio

b)

West Virginia

c)

Pennsylvania

d)

Florida

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