Economics and Market Structures Flashcard

Front

A good or service sent to another country for sale?

Back

Export

Front

Why is competition among restaurants in a big city an example of monopolistic competition?

Back

All restaurants serve food, and each restaurant is distinctive.

Front

In which market structure do producers have the most market power? Options: monopolistic competition, perfect competition, oligopoly, monopoly

Back

monopoly

Front

According to the law of supply, what happens as price increases?

Back

The quantity supplied increases.

Front

Which is MOST LIKELY to be the result when the U.S. dollar is strong relative to other currencies?

Back

Americans who travel abroad are able to buy more.

Front

Which of the following is the BEST definition of the exchange rate? Options: the price of one country's currency in terms of another country's currency, a system of trading goods and services for other goods and services, the difference between the values of a nation's exports and imports, the interest charged for bank loans by the Federal Reserve

Back

the price of one country's currency in terms of another country's currency

Front

Which is the MAIN argument against free trade used by American labor leaders? Options: Immigration to the U.S. will increase., The quality of foreign products is poor., Other countries have stricter laws.

Back

U.S. workers will lose their jobs.

Front

When the U.S. government imposes a tariff, which group is MOST LIKELY to benefit?

Back

domestic producers

Front

Using the federal definition of unemployment, this percentage is based on people who are actively seeking work.

Back

are actively seeking work.

Front

A person loses her job because of changing market conditions, but she has skills that are transferable to another job. This sentence BEST describes which type of unemployment?

Back

frictional