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Economics

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Reanna Von

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Cards in this guide (16)
Compulsory education restricts whose freedom

parents

What is the purpose of consumer advocacy groups

to promote the interest of consumer

When the government runs a budget deficit what must it eventually do in order to pay back its debt

Have a budget surplus

Freedom of expression is limited by what

one of the circumstances for freedom of expression is censorship.

What is one effect of a price floor

A surplus of supply

Which of these is a group of producers working together to raise prices and increase profits

cartel

What happens to the expenses involved in compliance with government regulations

passed on to the consumer

What is one drawback to consumer-protection regulations

Higher costs for production, leading to higher consumer prices.

What is an example of trade restriction

Tariffs and embargos are trade restrictions.

Which of these is not an example of a trade restriction A Tariffs B Quotas C Rationing D Subsidies

for a similar question:

taking land to build an airport

What is one thing the government must do to enforce consumers protection regulations

Test new products for safety and effectiveness.

What gives companies an anti competitive impulse

An anti competitive impulse is given to a company through the profit motive.

How can the government prevent speculators from rushing into and out of a country's market and disrupting its economy

by using capital controls

What effect do consumer - protection regulations have on the circular flow of the free market system

R

What is an example of a labor law in economics

A restriction on when a union may call a strike

Match each type of unfair business practice with its description (apex)

1.Vendor lock in: a company say a wide range of product can be used with its products but this is not true.

  1. Price fixing: a group of companies agree that all of them will charge the same price.

3.Predatory pricing: a large company charges a price below production cost in order to eliminate small competitors.

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