A Game Of Monopoly Reflection Activity

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| By April Smith
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April Smith
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A Game Of Monopoly Reflection Activity - Quiz


Answer the following questions on your own.


Questions and Answers
  • 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. Monopoly
    Explanation
    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.

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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. Trust
    Explanation
    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.

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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 market
    Explanation
    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.

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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. Corporation
    Explanation
    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.

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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 liability
    Explanation
    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.

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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. Stock
    Explanation
    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.

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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. Commodity
    Explanation
    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.

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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. Command
    Explanation
    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.

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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.

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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 services
    Explanation
    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.

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  • Current Version
  • Apr 27, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 30, 2013
    Quiz Created by
    April Smith
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