Market Structures/Failures
A large number of firms produce essentially the same product, and all goods are sold at their equilibrium price.
What is perfect competition?
Three Functions of Money: medium of exchange, store of value, and ________
Standard of value
A business owned by shareholders who have limited liability for the firm’s debts.
Corporation
What was the name of Ben Ten's cousin?
Gwendolyn Catherine "Gwen" Tennyson
A market or industry dominated by a small number of firms that produce similar or identical products.
What is an oligopoly?
The opposite of a "bull market" is a/an
"bear market"
Sole proprietors have full responsibility for paying any debts their businesses take on, AKA
Unlimited liability
What is the name of the 2006 movie about a Kazakhstanian journalist and his assistant. (Hint: 'Mah wife')
Borat
An organization of producers established to set production and price levels for a product.
What is a cartel?
Dow Jones Industrial Average and Standard & Poor's 500 are examples of a/an
market index
Limited partnership are also known as
Silent partners
What does this: 水 character mean in simplified chinese
water
A side effect of production or consumption that causes consequences for someone other than the producer or consumer.
What is a negative externality?
The main function of a bank is to act as a/an
Financial intermediary
Businesses that want to incorporate are legally required to follow certain procedures: (list one)
They must develope a prospectus.
They must apply for a business license.
They must create corporate bylaws.
They must hold a meeting of shareholders to elect a board of directors.
They must insure stock certificates to shareholders.
Which of these is not an ivy league college?:
Dartmouth
Columbia
Princeton
Stanford
Wharton
Stanford
This situation occurs because private firms cannot provide public goods, as they have no way to make the people who benefit from non rival, non excludable goods pay for them.
What is the free-rider problem?
True or False: The Glass-Stiegal Act of 1932 helped to expand the credit available from the Federal Reserve by moving away from the gold standard
True
The articles of partnership usually specify
Each partner’s contribution in assets and labor, share of the profits and losses, authority and duties, how partners settle disagreements, what happens in the event that a partner dies or leaves, and how assets will be divided if the business fails.
According to flat earthers, what surrounds the edge of our disc shaped earth?
The Ice Wall