| A | B |
|---|
| What term describes a market structure in which a few large sellers dominate the industry? | oligolopy |
| Water, gas, and electricity are examples of what type of monopoly? | natural monopoly |
| What provides a person the exclusive right to manufacture or sell a new invention? | patent |
| What protects exclusive rights to art and literary works? | copyright |
| Advertising, give-aways, and free gift-wrapping are all examples of which type of competition? | non-price |
| What term describes sellers agreeing to charge the same or similar prices for a product? | price fixing |
| What is a business owned and operated by one person? | sole proprietorship |
| What is a business jointly owned by two or more people? | partnership |
| What is a form of business recognized by law as having a separate legal entity and having all the rights of an individual? | corporation |
| IBM, Coca-Cola, and Microsoft are considered examples of what type of business? | corporation |
| Opening up a lemonade stand or mowing lawns are examples of what type of business? | sole proprietorship |
| What is court granted permission for an individual or business to stop or delay paying their debts? | bankruptcy |
| What term describes when an owner of a business is personally and fully responsible for all losses and debts? | unlimited ability |
| Equal pay for equal work is an example of what economic goal? | economic equality |
| Who plays the roles of protector, consumer, regulator, and promoter of economic goals in the United States? | government |
| From where does the authority to levy a federal income tax come? | 16th amendment |
| What does FICA include? | social security and medicare |
| What type of tax is the individual income tax? | progressive |
