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Econ- Chapter 8 And 9
Test Description: Business
Instructions: Answer all questions to get your test result.
1) When two or more companies in the same business combine into one corporation, the transaction is known as:
A
Joint venture
B
Vertical merger
C
Horizontal merger
D
Conglomerate merger
2) A merger that controls all steps in the production process is known as:
A
Vertical merger
B
Conglomerate merger
C
Joint venture
D
Horizontal merger
3) In a perfectly competitive market, prices are determined by:
A
A group of seller
B
Supply and demand
C
Government regulations
D
The Government
4) Government regulations actually decrease competition in the economy by:
A
Trying to protect consumers from unfair practices
B
Allowing foreign companies to compete in the U.S.
C
Preventing the formation of conglomerates
D
Using antitrust legislation against monopolies
5) One advantage of an oligopoly is:
A
Lower prices per product
B
More stable prices
C
Fewer product offerings
D
Better services
6) Nonprice competition is a characteristic of both:
A
Monopolistic competition and oligopoly
B
Oligopoly and perfect competition
C
Monopolistic competition and pure monoploy
D
Perfect competition and pure monopoly
7) What is the main purpose of advertising in monopolistic competition?
A
Showing how similar a product is to its competitors
B
Building brand loyalty
C
Informing consumers that there are no other choices
D
Lowering prices among competitors
8) Natural monopolies are businesses that:
A
Compete against other monopolies
B
Are unregulated
C
Provide such things as utilities, public transportation and cable TV
D
Deal with natural resources
9) In a perfectly competitive market, there would be:
A
Strict control over price
B
Numerous buyers and sellers
C
Many barriers to entry
D
Guaranteed profitablity
10) Interlocking directorates occur when the boards of directors of competing companies:
A
Are composed of many of the same members
B
Obtain a monopoly in a particular industry
C
Sell their companies to one another
D
Buy out similar firms in their industry
11) An example of antitrust legislation is the:
A
Clayton Act
B
Wade Act
C
Truth in Lending Act
D
American with Disabilities Act
12) This federal regulatory agency regulates the workplace environment; makes sure that businesses provide workers with safe and healthful working conditions:
A
Occupational Safety and Health Administration
B
Nuclear Regulatory Agency
C
Environmental Protection Agency
D
Equal Employment Opportunity Commission
13) a merger between firms that are involved in totally unrelated business activities:
A
Vertical merger
B
Joint venture
C
Conglomerate merger
D
Horizontal merger
*select an answer for all questions
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