Question
1.Cable television is most associated with which competitive situation? pure competition communism oligopoly monopoly 2.Which of these situations is most likely to lead to a
1.Cable television is most associated with which competitive situation?
- pure competition
- communism
- oligopoly
- monopoly
2.Which of these situations is most likely to lead to a decrease in the price of a good?
- Demand increases as fast as supply increases.
- Demand decreases and supply decreases the same amount.
- Demand increases and supply decreases.
- Demand decreases and supply remains the same.
3.Which economic concept helps explain the level of potato production?
- elasticity
- substitution
- fungibility
- non-excludability
4.Why is it possible to make money in the currency exchange market?
- Inflation always drives up the value of money.
- Exchange rates are always fluctuating.
- Governments always buy their own currencies.
- Some currencies are minted with precious metals.
5.Which does a company do in an initial public offering (IPO)?
- begins selling stock to the public
- gets taken over by the government
- enters into a new partnership
- offers a new line of products
6.Which is an example of a consumption tax?
- 30 tax per gallon of gasoline
- 9%tax on all sales
- 10%tax on gambling winnings
- 15%tax on profits from stock sales
7.A juice company falsely claims that its drinks reduce the incidence of heart attacks. Which practice, regulated by consumer protection laws, is this?
- predatory pricing
- bid rigging
- making misleading statements
- price fixing
8.What is the government trying to protect when it sets a price floor?
- a vulnerable industry
- low-income consumers
- international trade
- domestic workers
9.Whichtype of insurance would most often pay for a trip to the emergency room?
- auto insurance
- renter's insurance
- health insurance
- life insurance
10.Why are student loans usually guaranteed by the government?
- Banks cannot expect students to have collateral.
- Banks would give students credit cards they can't afford.
- Banks charge low interest rates for student loans.
- Banks are required to maintain a certain reserve ratio.
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