Cards in this guide (19)
What is demand-pull inflation
when prices of goods increase due to demand is called demand
pull inflation
Which of the following is one of the major factors determining the level of wages
The Law of Supply and Demand.
What best explains why a large company can undersell small retailers
Large companies can negotiate better prices with
wholesalers.
When either prices go down what is there an increase in
What would most likely lead to a general decrease in wages
immigration
Immigration would most likely lead to a general decrease in wages. Immigrants are generally willing to work for less money than people already established in that country.
immigration
What best states the purpose of an import quota
To reduce competition from foreign producers.
What accurately describes a situation in which consumers have inelastic demand
People cannot quit drinking coffee even though they want to cut
down on caffeine intake.
How were slaves affected by the new republic
Some northern states made slavery against the law.
Which of the following is one result of the international trade
creats new market -apex :)
What is the most direct result of free trade supplying productive resources to areas most needed
Which is the following limits the freedom of both employers and workers in the labor market
The existence of a minimum wage.
Because immigration can result in an increase in the supply of labor what can immigration result to
A general decrease in wages. - Apex
What are needed to determine the equilibrium price of a good or service
Consumers have inelastic demand
Which of the following accurately describes the effect of a situation of scarcity
Which of the following best explains why large companies have an advantage over smallercompanies
Economics of scale make it possible to offer lower prices
Ask us of the following most accurately explains why fiat money differs from commodity money
Fiat money has value bc the gov. declares that it has value.
Match each type of policy with the example that best fits its definition. A. Protectionist policy The government goes into debt to buy a large number of vehicles for the military. B. Fiscal policy The
What of the following accurately describes the effects of a situation of scarcity
There's a shortage of oil, pushing car companies into researching alternative fuels.
Which of the following is an example of expansionary fiscal policy
