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WorksheetsEconomics Chapter 09 Quiz
Total questions: 15
Worksheet time: 8mins
From an economist's point of view, what is a market?
From an economist's point of view, what is a market?
the arrangements that people make for trading
a group of producers who make a similar product
the demand for a particular product
In what industry did Andrew Carnegie earn his wealth?
Shipping
Steel
Meat Packing
Oil
Which of the following is a possible barrier to entry?
securing finances
obtaining a patent
attracting customers
hiring managers
Which of the following is true of perfect competition?
few firms
great control of prices
differentiated products
ease of entry
Joan Robinson is best known for her work on
synergy
imperfect competition
antitrust law
monopolies
Which of the following is always characteristic of an oligopoly?
differentiated products
mutual interdependence
three or more companies
easy to enter, hard to exit
Which of the following is the most well-known cartel today?
OPEC
Standard Oil
AT&T
Microsoft
It is very common to find monopolies in the area of
Agriculture
Airline industries
Public utilities
Healthcare
Andrew Carnegie was well-known for his donations to community needs.
True
False
Price takers are companies who are able to control the price of their product.
True
False
The most difficult market in which to make a profit is perfect competition.
True
False
Imperfect competition is the most prevalent form of competition in America today.
True
False
Synergy refers to the fact that in business mergers, total gains can never be greater than the sum of the parts.
True
False
Competition encourages both quality and efficiency.
True
False
In anticompetitive takeovers, corporations bought out the stock of companies not in competition with them.
True
False
