Question 221 pts

________ refers to how much of a product or service people want to buy at any given time.

Commodity

Surplus

Supply

Demand

Equilibrium

Flag this Question

Question 231 pts

________ occurs when there are many buyers and sellers and little differentiation between products, but perceived differences between products among consumers.

Monopolistic competition

A monopoly

An oligopoly

Perfect competition

A duopoly

Flag this Question

Question 241 pts

The government determines the appropriate level of taxes and spending through its ________.

monetary policy

domestic policy

foreign policy

fiscal policy

currency policy

Flag this Question

Question 251 pts

Why does the U.S. Bureau of Labor Statistics evaluate the CPI's "market basket"?

to ensure that it reflects current trends in the production of goods and services

to ensure that it reflects current consumer spending habits

to ensure that it reflects current wholesale spending habits

to ensure that it reflects current consumer demand

to ensure that it reflects current wholesale resource costs

Flag this Question

Flag this Question

Question 271 pts

The amount of a product or service that is available for purchase at any given time is called ________.

commodity

surplus

supply

demand

shortage

Flag this Question

Question 281 pts

What is the purpose of the U.S. government's regulation of monopolies?

to ensure that there are as many opportunities for perfect competition as possible

to ensure that no single seller can drastically increase the price of a given product or service

to ensure that no one industry has control of the entire national economy

to ensure that local businesses are always the preferred provider of products consumers want

to ensure that companies have equal access to natural resources like water and natural gas

Flag this Question

Question 291 pts

Holding all other factors constant, prices are set slightly above the point where supply equals demand.

True

False

Flag this Question

Question 301 pts

Socialism is similar to communism in that ________.

the government provides all of the social services

the governments fail under economic stress

the government distributes goods and services

the government experiences shortages of goods and services

the government does not intervene in industry