A Game Of Monopoly Reflection Activity

10 Questions | Total Attempts: 31

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A Game Of Monopoly Reflection Activity

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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 7. 
    What word means any useful thing that people can buy or trade?
    • A. 

      Tariff

    • B. 

      Trust

    • C. 

      Stock

    • D. 

      Commodity

  • 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

  • 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.

  • 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

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