Unit 2 Review

Question 1

Which of the following accounts for why countries specialize in trade?

Accepted Answer

Unequal distribution of resources

Question 2

Which market structure has one seller?

Accepted Answer

Monopoly

Question 3

What is one way to encourage trade between countries?

Accepted Answer

Lower tariffs

Question 4

What is price ceiling?

Accepted Answer

maximum price

Question 5

An increase in supply would shift the supply curve in which direction?

Accepted Answer

Right

Question 6

Which of the following accounts for why countries specialize in trade?

Accepted Answer

Unequal distribution of resources

Question 7

What will happen to a supply and demand graph if the cost of inputs decreases?

Accepted Answer

The supply curve shifts to the right.

Question 8

What is a non-price determinant of a change of demand?

Accepted Answer

Consumer preferences

Question 9

Law of supply

Accepted Answer

P up, Qs up

Question 10

Boycotting a business because you do not like their business practices is an example of...

Accepted Answer

Non-price determinant of demand

Question 11

A market structure with a few large firms is a(n)

Accepted Answer

Oligopoly

Question 12

If the US places a 100% tariff on a $10 phone case from Japan, what is the total cost of the phone case if it were sold

Accepted Answer

$20

Question 13

What is a Price Floor

Accepted Answer

Min Price set by the govt

Question 14

Which group of people would likely be in favor of protectionism?

Accepted Answer

Workers

Question 15

A decrease in taste would shift the demand curve in which direction?

Accepted Answer

Left

Question 16

A perfect competition market structure has...

Accepted Answer

The most competition

Question 17

Free trade proponents argue that the promise of ________ far outweighs the cost of lost of jobs that may occur?

Accepted Answer

Increased economic growth

Question 18

This market structure only has ONE seller.

Accepted Answer

Monopoly

Question 19

Where do you find price equilibrium?

Accepted Answer

Where a supply curve and demand curve intersect

Question 20

Which market structure have few sellers and some product differentiation?

Accepted Answer

Oligopoly

Questions 20