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Specialization seeks absolute advantage in the market

a) when you can produce products with lower opportunity cost

b) when the outputs are greater than the inputs; cost per unit is reduced per unit

c) when you can produce a product at a low price with the lowest factors of production

d) when the cost per unit is reduced for each additional unit of production

9) Specialization seeks comparative advantages in the market

a) when you can produce products with the lowest opportunity costs

b) when the cost per unit for each additional unit of production is reduced

c) when the outputs are greater than the inputs; cost per unit is reduced per unit

d) when you can produce a product with the greatest resources

10) Specialization achieves economies of scale in production

a) when you can produce products with a lower opportunity cost

b) when the cost per unit for each additional unit of production is reduced

c) when the outputs are greater than the inputs; cost per unit is reduced per unit

d) when you can produce a product with the fewest resources

11) What is competition?

a) Mechanism to achieve satisfactory production and consumption ratio in the reduction of prices

b) production volume control mechanism and prices increase in the market

c) indicator mechanism of: at a lower price there is direct control of production if production volumes in the markets remain constant

d) price and quantity control mechanism for producers when they try to persuade consumers to offer the best products.

12) Markets are classified by their way of competing in:

a) Market place, NYSE, gold market, meat market, OPEC

b) Capitalist, socialist, socialist liberation and patriarchal competences

c) perfect competition, monopolists, oligopolies and monopolies

d) liberate, conservative, anarchic, pure and mixed

13) The monopolistic competition market is one where:

a) There is a homogeneous product and a single producer

b) There are so many buyers and sellers that neither can control prices

c) There is a small number of companies controlling the market price

d) There are psychological and marketing techniques to establish differences in products that are homogeneous

14) The Socialist economic system (doctrines) postulates the market theory where:

a) the Government is a planner, the common good is a priority over private property

b) the Government should not intervene with the markets, it is an agent of the entrepreneur before the market

c) the Government controls the prices of basic necessities

d) the Government uses incentives to control prices, but cannot regulate prices

15) Money is:

e) any object used to acquire a product in terms of which we express its value

f) any object used as a medium of exchange and a standard to set a price in a market

g) dollars and cents, credit cards and ATH

h) Yen, Euro, Bolvares, Cruceiros and Pesos