Government Sponsored Monopolies. Lesson Review

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Life Skills

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12th Grade

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Gorki Marcelo

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4 Slides • 10 Questions

Government-Sponsored Monopolies. Lesson Review

Multiple Choice

A government license can create a legal monopoly.

True

False

Multiple Choice

Which of these is a type of legal monopoly?

Government-granted monopoly

Competitive monopoly

Artificial monopoly

Multiple Choice

Why are most monopolies considered illegal?

To prevent unfair business practices and protect consumers

To maximize profits for the company

To promote healthy competition and innovation

Multiple Choice

Public utilities are an example of illegal monopolies.

False

True

Multiple Choice

What is the main difference between a government-sponsored monopoly and a pure monopoly?

Free market competition

Private ownership

Government intervention

Multiple Choice

A natural monopoly occurs when:

costs are high but the service is vital for many

a business operates in multiple countries

there are multiple suppliers competing in the market

Copyright

Copyrights last for the lifetime of the author plus 70 years.

Multiple Choice

Copyrights last for the lifetime of the author plus 70 years.

False

True

Patent

A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something, or offers a new technical solution to a problem.

Multiple Choice

Patents discourage new inventions.

False

True

Multiple Choice

A patent benefits an inventor by:

Having to share their invention with everyone for free

Losing all control over their invention and not being able to profit from it

Having exclusive rights to their invention and being able to profit from it

Trademark

A trademark is a unique symbol or word(s) used to represent a business or its products. Once registered, that same symbol or series of words cannot be used by any other organization, forever, as long as it remains in use and proper paperwork and fees are paid.

Multiple Choice

Trademarks protect specific product designs and company symbols.

True

False

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