Economics Flashcard 3

Front

A monopoly is characterized by:

Back

A single seller controlling the entire supply of a product.

Front

Which of the following is described by the characteristics listed in the box? Options: Monopoly, Oligopoly, Pure competition, Monopolistic competition

Back

Monopoly

Front

In monopolistic competition there are many buyers and sellers

Back

False

Front

What is fiscal policy?

Back

Government adjustments in spending and taxation to influence the economy

Front

What does elasticity measure?

Back

A measure of how much the quantity demanded or supplied of a good changes when there is a change in price.

Front

Trade balance is defined as:

Back

The difference between a country's exports and imports of goods and services.

Front

The Consumer Price Index (CPI) measures

Back

The average change in prices paid by consumers over time/day by day/week by week

Front

What is the primary goal of fiscal policy?

Back

Managing government spending and taxation

Answer explanation

The primary goal of fiscal policy is managing government spending and taxation, not controlling inflation, regulating interest rates, or reducing unemployment.

Front

What is the primary goal of fiscal policy?

Back

Managing government spending and taxation

Answer explanation

The primary goal of fiscal policy is managing government spending and taxation, not controlling inflation, regulating interest rates, or reducing unemployment.

Front

National debt is defined as

Back

The total amount of money a country's government has borrowed and not repaid