History 7-12 PACT test questions with 100% correct answers

History 7-12 PACT testPure competition - correct answer Economic model that describes a hypothetical market form in which neither the producer or consumer has the market power to influence prices. Defines a market equilibrium in which all resources are allocated and used efficiently, and collective social welfare is maximized. monopolistic competition - correct answer Common market from where there are many producers and consumers, consumers perceive that there are non-price differences in the products, few barriers to entry and exit, and producers have a degree of control over price. Markets for restaurants, cereal, shoes, clothing, and services in large cities. Oligopoly - correct answer A market form in which a market or industry is dominated by a small number of sellers. When oligopolists in the same market collide and agree to raise prices and restrict production, a cartel forms. Monopoly - correct answer Market form that exists when a specific individual or enterprise has sufficient control over a particular product or service to significantly determine the terms on which other individuals shall have access to it Partnership - correct answer Business entity in which partners (owners) share with each other the profits and losses of the business undertaking in which all have invested. Corporation - correct answer Am institution that is granted a charter recognizing it as a separate legal entity having its own privileges, and liabilities distinct from those of its members. There are many different forms of corporations, most of which are used to control business. Copernicus - correct answer Polish astronomer () Who was the first to formulate a scientifically-based heliocentric cosmology that displaced the earth from the center of the universe. This theory is considered the epiphany that begin the scientific revolution Galileo - correct answer Italian physicist, mathematician, astronomer, and philosopher (). Father of modern observational astronomy, modern physics, science, and modern science Sir Isaac Newton - correct answer English physicist, mathematician, astronomer, natural philosopher, alchemist, and theologian (). Published works in 1687 describing universal gravitation, and the three laws of motion, laying the groundwork for classical mechanics Marie Curie - correct answer Polish physicist and chemist (). Pioneer in the field of radioactivity, and is the first and only person awarded the Nobel prize in two different sciences Thomas Edison - correct answer American inventor and businessman (). Prolific US patent holder with 1093 to his name including the phonograph and the long-lasting lightbulb Albert Einstein - correct answer German born theoretical physicist (). Best known for his theory of relativity and his theory of energy equivalence. Received Nobel prize in 1921 for physics Sole Proprietorship - correct answer A type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner (subject to taxation). All assets of the business are owned by the proprietor and all debts of the business are their debts and they must pay them from their personal resources. This means that the owner has unlimited liability. Owner has no partners absolute advantage - correct answer Occurs when an individual or entity can produce a good using fewer resources than another country or entity comparative advantage - correct answer Theory that shows that even if a country or entity has no absolute advantage in producing any good, it can still benefit by exporting the products by which it has the lowest opportunity cost of production Justinian's Code - correct answer Modern name for a collection of fundamental works in jurisprudence issued from 529 to 534 by order of Justinian 1, Byzantine Emperor Magna Carta - correct answer English charter originally issued and 1215. Required king renounce certain rights, respect certain legal rights, and accept that his actions could be bound by law. Most significant early influence on constitutional law