Cards in this guide (21)
What is demand-pull inflation
when prices of goods increase due to demand is called demand
pull inflation
Which is an example of a government policy that protects domestic producers against international competition
What best states the main difference between a monopoly and pure competition
A monopoly involves no competition at all while pure competition
involves a high level of competition.
Because labor is a commodity wages are affected by what
SUPPLY AND DEMAND for particular skills or work quality, among
other factors.
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.
How is a cooperative building owned
The residents are shareholders in a corporation that owns the
building, and shareholders are given exclusive use of residences or
units.
Which of the following is one ofthe main causes of inflation
which of the following is one of the main causes of inflation Consumers demand good faster than they can be supplied
What best states the purpose of an import quota
To reduce competition from foreign producers.
Which of the following is one result of the international trade
creats new market -apex :)
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 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 best explains why online retail companies have an advantage over regular stores
They have a larger number of potential customers because people anywhere can buy from them.
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
Match each term below with correct definition
The answer is
Ubiquitous:being everywhere
Succinct:to the point
Querulous:complaining a lot
What if the following describes a situation in which there would be a decreasing marginal utility
Buying a second winter coat.
Which of the following is an example of expansionary fiscal policy
Which of the following is an example of monetary policy
The government restricts the amount of money that banks can lend.
