Graded Assignment Semester Test Part 2: U.S. and Global Economics Answer the following 10 questions based on what you have Ieamed this semester. Each question is worth 10 points, for a total of 100 points. {10 points) Score Describe the circular ow model of the free-market system. {10 points) Score How do consumers use cost-benet analysis? Why do consumers make different decisions using this process? {10 points) Score Name two different market structures. Describe how and why they each have a different competitive situation. (1'0 points) Score What is the Law of Supply and Demand? Explain how increases and decreases in supply and demand affect prices. {1'0 points) Score What is the business cycle? What causes changes from one phase of the business cycle to another? {10 points) Score Explain the different investment options someone with a high level of risk aversion might choose. What are the possible investment goals for this person? {10 points) Score What are tariffs? What are some of the harmful effects of tariffs? {10 points) Score Give an example of a public good and describe why it's a public good. Should the govemmenl provide this good? Why or why not? {1'0 points) Score What is globalization? Why does globalization benet some countries more than others? {1'0 points) Score There are a number of organizations designed to regulate the global economy and assist individual nations in the global economy. List and describe two such organizations