A Game Of Monopoly Reflection Activity
(6).webp "A Game Of Monopoly Reflection Activity - Quiz")
Answer the following questions on your own.
- 1.
What is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service because there is no competition.
- A.
Partnership
- B.
Monopoly
- C.
Corporation
- D.
Communism
Correct Answer
B. MonopolyExplanation
A monopoly is a situation where a single company or group dominates the market for a specific product or service because there is no competition. In a monopoly, there are no other companies offering the same product or service, allowing the monopolistic company to have complete control over pricing and supply. This lack of competition can lead to higher prices, limited choices for consumers, and reduced innovation in the market.Rate this question:
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- 2.
What word is a form of monopoly and is a legal arrangement that allows many different companies to be owned and run by the same people?
- A.
Corporation
- B.
Limited liability
- C.
Trust
- D.
Tariff
Correct Answer
C. TrustExplanation
A trust is a form of monopoly and a legal arrangement that allows many different companies to be owned and run by the same people. In a trust, a group of companies or assets is controlled by a single entity, known as the trustee, who manages and operates them for the benefit of the beneficiaries. This arrangement can lead to a concentration of power and control in the hands of a few individuals or entities, potentially limiting competition and creating monopolistic practices.Rate this question:
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- 3.
In which type of economy are people able to freely buy and trade goods and services and the price of each good or service is determined by demand or the measure of how many people want to buy a particular good or service?
- A.
Free market
- B.
Command
- C.
Monopoly
- D.
Traditional
Correct Answer
A. Free marketExplanation
A free market economy allows people to freely buy and trade goods and services without government intervention. The price of each good or service is determined by demand, which is the measure of how many people want to buy a particular good or service. In a free market, prices are set by the interaction of supply and demand, and individuals have the freedom to make their own economic decisions.Rate this question:
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- 4.
What word is a firm owned by stockholders that has three characteristics: legal existence, limited liability, and continuity of existence?
- A.
Socialism
- B.
Commodity
- C.
Trust
- D.
Corporation
Correct Answer
D. CorporationExplanation
A corporation is a firm owned by stockholders that has three characteristics: legal existence, limited liability, and continuity of existence. Legal existence means that a corporation is recognized as a separate legal entity from its owners. Limited liability means that the owners are not personally responsible for the debts and liabilities of the corporation. Continuity of existence means that a corporation can continue to exist even if its owners change or pass away. Therefore, a corporation is the correct answer as it encompasses all three characteristics mentioned in the question.Rate this question:
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- 5.
Which word is defined as when a firm and its owners are limited in their responsibilities and debts to the creditors?
- A.
Economics
- B.
Tariff
- C.
Limited liability
- D.
Partnership
Correct Answer
C. Limited liabilityExplanation
Limited liability is the term used to describe a situation where a firm and its owners are not personally responsible for the debts and liabilities of the company. This means that if the company fails or faces financial difficulties, the owners' personal assets are protected and cannot be used to satisfy the company's debts. Limited liability is a key feature of corporations and limited liability companies (LLCs), providing a level of financial protection for shareholders and members.Rate this question:
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- 6.
What is a certificate that represents part of a company and shows that the person who owns the certificate is a partial owner in the company?
- A.
Trust
- B.
Stock
- C.
Commodity
- D.
Tariff
Correct Answer
B. StockExplanation
A stock is a certificate that represents part ownership in a company. When someone owns a stock, it means they have a share of ownership in that company. This ownership entitles them to certain rights, such as voting on company matters and receiving a portion of the company's profits. Therefore, a stock is a certificate that shows the person who owns it is a partial owner in the company.Rate this question:
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- 7.
What word means any useful thing that people can buy or trade?
- A.
Tariff
- B.
Trust
- C.
Stock
- D.
Commodity
Correct Answer
D. CommodityExplanation
A commodity refers to any useful thing that can be bought or traded. It is a generic term used to describe raw materials or primary agricultural products that are used in commerce. Commodities can include items such as oil, gold, wheat, or natural gas. These goods are typically interchangeable with other commodities of the same type and have a standardized quality and price. They are essential for economic activities and play a crucial role in global trade and financial markets.Rate this question:
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- 8.
What type of economy is run by the government? In other words - the government decides what will be produced and who will do the producing?
- A.
Free market
- B.
Command
- C.
Traditional
- D.
Hybrid
Correct Answer
B. CommandExplanation
A command economy is run by the government, where the government has complete control over what goods and services are produced and how they are distributed. In this type of economy, the government determines the production levels, sets prices, and allocates resources. This system is often associated with centrally planned economies, where the government makes all the economic decisions and there is limited or no private ownership of businesses.Rate this question:
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- 9.
What is the difference between communism and socialism?
- A.
Communism means the government is not involved in the economy and socialism means the government controls the economy
- B.
Communism means the government controls the economy and socialism means the government is not involved in the economy
- C.
Communism and socialism are both economies where the government controls the economy but communism usually has dictators who rule the country where socialism usually has a democracy.
- D.
Communism and socialism are both economies where the government controls the economy but socialism usually has dictators who rule the country where communism usually has a democracy.
Correct Answer
C. Communism and socialism are both economies where the government controls the economy but communism usually has dictators who rule the country where socialism usually has a democracy.Explanation
The correct answer explains that both communism and socialism involve government control of the economy. However, communism typically has dictators who rule the country, while socialism usually has a democracy. This highlights a key difference between the two systems in terms of their political structures.Rate this question:
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- 10.
What is economics?
- A.
The study of the production and distribution of goods and services
- B.
The study of the different types of governments
- C.
The study of the Gilded Age
- D.
The study of how things are produced and distributed
Correct Answer
A. The study of the production and distribution of goods and servicesExplanation
Economics is the study of how resources are allocated and utilized to produce goods and services, as well as how these goods and services are distributed among individuals and society. This field of study focuses on understanding the production process, factors affecting production, and the various methods of distributing goods and services to meet the needs and wants of individuals and society as a whole.Rate this question:
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Apr 27, 2023Quiz Edited by
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Jul 30, 2013Quiz Created by
April Smith
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