Test 7-9 ECON EXAM

Created by missybyrd 

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When is a buyer NOT willing ot spend alot of time and energy researching the market

when the savings to be made are small

what kind of a market runs most efficently when one large firm supplies all of the output

a natural monopoly

what is one kind of monopoly that the US government permits

pro sports monoloply

how does a company arrange to sell its products to people who are unwilling to pay the top price for them

by charging differnet prices according to the group to which the buyer belongs

what is the monopolistic competition

many companies selling similiar bu not identical products

whichof the fllowing is not a form of nonprice competition

discounts

what happens to a monopolistically competitive formt hat begins to charge an excessive price for its product

consumers will substitute a rivals prodcut

when the government deregualtes a product or service what happens to it

some government regualtions iver the industry are eliminated

cartels are difficult to operate for which of the following reasons

they work only if members keep to their agreed output

why does the government sometimes give monopoly power to a company by issuing a patent

the company can profit from it without competition

which of the following is NOT a condition for perfect competition

sellers offer a wide variety of products

which of the following industries have been deregulated in rencet years

airlines

which of the following is a product tha t is considered a commodity

feed corn for cattle

waht is the definition of an oligopoly

two to 4 firms producing 70-80 % of the output

what is one of the effects that the internet has had on buisness

it has reduced start up costs for many buisnesses

Approxiamtely what percent of US workers leong to labor unions

13%

What is collective bargaining

union and company repersentatives meeting to negociate a new labor contract

how are wages for a particular job determined

by the equilbrium bewteen supply and demand for workers for that job

for which kinds of discrimination does the EEOC handle complaints

race,sex,color, religion or nationality

when did labor unions begin to gain some legal rights

1930'3

which of the following could be considered company benefits

the employers payments to social securtiy

which of the following jons are expected to grow significantly

computer related jobs

mark is swithcing jobs from data clerk to stell mill worker his waiges will incease becasue

it is more dangerous to work a mill than a desk

tracy a recent college grad earned straight A's in history but still got the job as a legal assistant why

screening effect

jon is deciding betwwen a jobt hat pays 500 a wekk and a job that pays 550 a week, choosing a lower compensation is offset by its

benefits such as health insurance and stock options

current labor makret trends incllude

an increase inservice jobs accompanied in mnufacturing jobs

all of the following help explain why carpenters earn more than dishwashers except

a greater supplu of carpenters than dish washers

the strength of labor unions has declinded since becasue

whie cllar jobs increasin, blue collar jobs decreasein, some manufactures moving to the south

your cousin tells you that his truck company has resorted to arbitrition with the truckers union this meas

a neutral thrid party is reviewing the dispute and will impose a legally binding decision

in your communiity there are enough lawncare workers to fill all the lawncare jobs available there are also no unemployed lawn care orkers. You can assume that the wage paid to lawn care workers is

in equiibrium

Sunshine island has three lrge super markets that supply most of the grocerices fro theislands population this is an

oligopoly

whic of these comapines has not been forced to split by the federal government

microscoft

your uncle owns a convience store with branches nationwide his store is

multinational

corporations are defined as entites becasue they

have a legal identity seperate from those of their owners

you are a part owner of new brands oprpoation because

you own stock in the company

Mr Martin owns the nieghborhood flower stans mr martins store is probalbly a

sole proprietorship

you decide to go to a consumer cooperative to buy supplies for your class party prices are cheaper mainly becasue consumer cooperatives

make large purchases

suppose the cost of having your teeth filled rises in yourareas the result will likely be

an increase in the number of dental students in your area

in inflation adjusted dollars how have average wages in the US changed in the last 20 years

wages have stayed the same

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