Exam 1: understanding Evolving Economic Systems and Competition

Which direction represents the slope of the demand curve?

An industry in which a few firms produce most or all of the output of a product and in which large amounts of capital are needed known as which of the following?

Every time Tom buys a litre of milk he gets a stamp,which he sticks on a card he carries in his wallet.When he has 10 stamps,he gets a free litre of milk.This sort of program to encourage repeat business exemplifies which of the following?

Southern Ontario farmers have found it difficult to go into olive farming because olives imported from Europe are priced so much cheaper.Canadian farmers have to meet various climate challenges to grow olives and thus have higher expenses.Consumers prefer to buy the lower-priced imported olives rather than locally grown olives.The problems that make it unprofitable for an Ontario farmer to profitably become an olive farmer would be considered which of the following?

When demand and supply meet,the price of the product or service is established.What is this point called?

The higher the price of a good or service,the greater the amount a producer is willing to supply.

When Mary Robb purchased a dozen cupcakes for her son's birthday party,she was pleasant surprised to find the box contained 13 cupcakes instead of the 12 she had paid for.The bakery used this technique to accomplish which of the following?

In a large metropolitan market,it is relatively easy to set up a law office.The ease of entry explains why you will find hundreds of lawyers listed in the Toronto phone book.Each lawyer is a close substitute for another but with slight differences.Which of the following market structures best describes the one in which lawyers operate?

For a time,only Xerox could produce dry-paper copiers because Xerox held all the patents on the process.Until the patent expires,Xerox could be said to operate in which type of market structure?

When the government raises taxes on consumers and businesses,it is dealing with which type of policy?

What is a general upward movement of prices in the economy known as?

Which of the following statements about demand and supply curves is most accurate?

When a single firm accounts for 100 percent of industry sales,it is an example of which type of market structure?

____________________ policy refers to a government's program of taxation and spending.

Which type of inflation is triggered by increases in production that which push up the costs of final goods and services?

If a nation experienced an inflation rate of about 12 percent and then,five years later,had an inflation rate of about 5 percent,which of the following statements best describes what was happening to purchasing power during the period?

If a government spends $2.7 billion on government programs,and receives revenues of $2.3 billion,what does the country have?

No true examples of a pure monopoly exist today.

For the past 10 years,Kris Boja has been a welder for a local manufacturer.This morning her boss informed her that a robot would replace her.Boja's unemployment is an example of which type of unemployment?

Because Allyson Levi works in a vegetable processing plant and is out of work about six months a year due to the periodic harvest times,she can be described as seasonally unemployed.