Economics Chapter 19 Question Preview (ID: 42465)
Business In America.
TEACHERS: click here for quick copy question ID numbers.
the goal of Antitrust laws is to
a) control monopoly power and to preserve and promote competition
b) expand monopolies
c) control Congress' spending
d) control the public's spending
A monopoly is
a) made up of 4 companies
b) a game you always win
c) the sole provider for a good or service
d) a game that takes forever to play
A negative externality result from
a) an action that has harmful side effects
b) negative feedback from the public
c) people not voting
d) people spending too much money
externalities are
a) a byproduct
b) an economic side effect that affects an un-involved 3rd party
c) positive
d) negative
Public goods often produce positive externalities. Which is an example of one?
a) air pollution
b) acid rain
c) Roads
d) breathing problems caused by pollution
Which is NOT an example of a PRIVATE good
a) sidewalks
b) meals
c) drinks
d) clothes
a public good is
a) cannot be shared
b) is a type of meal
c) a good/service that can be used by more than one person for example the sidewalk
d) not government funded
A private good is
a) a product that people must buy in order to use/own them
b) is used by more than one person
c) is a public good
d) is an externality
a labor union is
a) a business
b) an organization of workers that seeks to improve wages and working conditions
c) a failed business
d) a tax free store
A corporation is
a) a business that is owned by a group of people and operates under a license
b) a business owned by 1 person
c) a person who provides goods or services
d) a business owned by 2 people
What is the biggest advantage that partnerships have over sole propritorships
a) have little money
b) can hire any one
c) can raise more money
d) don't have to pay taxes
Liability means
a) the business lied
b) liars
c) that people go to the library
d) legal responsibility for a business
Which is NOT a type of business
a) sole proprietorships
b) partnership
c) corporation
d) schools
A sole propriatorship is
a) is a business owned by 4 people
b) is a business owned by one person
c) is a business that fails
d) is a business that will fail
Real GDP
a) Is not a good measure of an economy's performance
b) doesn't tell us anything
c) is GDP after the distortions caused by price increases have been removed.
d) is the real GOAT
Which is NOT a reason for economic inequality in the US?
a) Education
b) Family Wealth
c) Discrimmination
d) Type of clothes you wear
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