WorksheetsIntro to Economics- Sections 4 and 5
Total questions: 31
Worksheet time: 1hrs 4mins
What prevents firms from entering a monopoly?
Barriers to Entry
Technology
Price
Barriers to Travel
Which of the following industries is an example of a monopoly?
utilities/water
department stores
auto industry
commercial airlines
A market that has a few sellers of basically the same goods.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
Public utilities are an example.
Perfect Competition
Natural Monopoly
Monopolistic Competition
Oligopoly
In this market, the producer is the least responsive to buyers' needs and wants.
Perfect Competition
Pure Monopoly
Monopolistic Competition
Oligopoly
Which type of market structures has many producers (companies) and sell similar but different products from each other? These companies have a little control over the price and there are relatively low barriers to entry.
perfect competition
monopolistic competition
oligopoly
monopoly
Which of the following Market structures has the most sellers?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
Which of these market structures has the least control over price in the marketplace?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
In this market structure there is little of no difference between the product no matter what company produces it?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
If a person gets a patent on a product that product is in which market structure?
Perfect Competition
Monopolistic Competition
Oligopoly
Monopoly
An unincorporated business owned by a single person, which may or may not have employees, is an
example of a(n)
Entrepreneurship
Partnership
Sole Proprietorship
Corporation
I found these white socks at 10 different stands at the flea market. Why type of market system is being represented?
Monopoly
Oligopoly
Monopolistic Competition
Perfect competition
Heather is seeking to start a business. She is concerned with having enough money to start the business, even after taking a loan from the bank. She is willing to take on partners but she still wants to have control over most aspects of the company. Which form of business organization would be best to set up?
Corporation
Partnership
Sole Proprietorship
Franchise
In which type of business organization do the owners have the least input and decision-making on the day to day operations?
Monopoly
Corporation
Oligopoly
Partnership
The way a company or firm is structured is called
sole proprietorship
business
business franchise
business organization
A firm that is owned by two or more individuals, where profits are split
sole proprietorship
partnership
franchise
corporation
A business organization that is owned and managed by one individual is called a(n)
sole proprietorship
franshise
corporation
partnership
The advantages of this business type are that the owner is their own boss and gets to keep all the profits.
partnership
cooperation
sole proprietorship
franchise
Disadvantages for this type of business include: the owner pays for everything, hard to get money to start from the bank, the owner might lack skills & unlimited liability.
sole proprietorship
franchise
corporation
partnership
What is a business owned by stockholders/investors but operated by others?
sole proprietorship
partnership
corporation
franchise
What is the concept of opportunity cost?
The value of the next best alternative
The benefits of a decision
The direct monetary costs
The time and effort required
Define specialization.
The act of broadening one's knowledge in various areas of study.
The process of becoming a generalist in multiple fields.
The process of focusing on a specific area or field of study or expertise.
The act of focusing on a specific area or field of study or expertise.
What is absolute advantage?
Ability to produce a good or service at a lower cost or with higher efficiency than others.
Ability to produce a good or service with no cost or efficiency advantage over others.
Ability to produce a good or service with the same cost and efficiency as others.
Ability to produce a good or service at a higher cost or with lower efficiency than others.
How does opportunity cost relate to comparative advantage?
Opportunity cost is only relevant in the context of production, not trade.
Comparative advantage is based on absolute advantage, not opportunity cost.
Opportunity cost is the basis for determining comparative advantage.
Opportunity cost has no relation to comparative advantage.
