| Question | Answer |
| A government owned monopoly is what type of monopoly? | Government Monopoly |
| A monopoly on a patented product/invention is what type of monopoly | Technological Monopoly |
| A market which is most efficient when their is a single large firm providing all of the output such as a utilities or internet provider, is what type of monopoly? | Natural Monopoly |
| A company which holds a monopoly is a geographically isolated area, is what type of monopoly? | Geographic Monopoly |
| In which type of market structure is there on seller and no competition? | Monopoly |
| In which type of market are there a few sellers with differentiated products? | Oligopoly |
| In which type of market are there numerous sellers with differentiated products? | Monopolistic Competition |
| In which type of market are there numerous sellers with identical products? | Pure Competition |
| Which type of business has only one owner and is most common in the US? | Sole Proprietorship |
| Which type of business has two or more owners? | Partnership |
| Which type of business must sell stocks and makes up 80% of all business revenue? | Corporation |
| What is the main disadvantage of both sole proprietorship and partnerships? | Unlimited Liability |
| What organization represents the rights of workers in regards to wages, benefits, working conditions, and job security? | Labor Union |
| Oligopoly and monopolistic competition are markets determined by _________ competition. | Non-price |
| ___________ is competition amongst many firms where they try to offer the lowest price to attract as many customers as possible. | Price Competition |
| Workers' earnings as determined by... | Productivity, incentives, and collective bargaining |
| Businesses can grow through... | Investment in R&D, issuing stocks, mergers |
| Goods provided by the government and consumed by the public are... | Public goods |
| Total of all outstanding debt owed by the government... | National debt |
| Situation when spending exceeds revenue... | Budget deficit |
| Situation when revenue exceeds spending... | Budget surplus |
| A Flat Income Tax is what type of tax? | Proportional |
| A tax that takes a higher percentage of higher incomes is what type of tax? | Progressive |
| A tax hat takes a higher percentage of lower incomes is what type of tax? | Regressive |
| What is the largest category of government revenue? | Income Tax |
| What is the largest category of government expenses? | Mandatory spending |
| What is the largest category of mandatory spending? | Social Security |
| What is government policy which promotes the economy through taxing and spending? | Fiscal Policy |
| What is government policy which the economy through altering the money supply? | Monetary Policy |
| To combat a recession, the Federal Reserve should a... | Loose Money Policy |
| The combining of two or more businesses involved in different steps of producing or marketing a product or service is a... | Vertical Merger |
| The joining of two or more companies that offer the same or similar products or services is a... | Horizontal Merger |
| A businesses composed of companies that produce unrelated good or services is a... | Conglomerate Merger |
