Unit 2 Review

Question 1

Which market structure has one seller?

Accepted Answer

Monopoly

Question 2

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

Accepted Answer

Workers

Question 3

Law of supply

Accepted Answer

P up, Qs up

Question 4

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

Accepted Answer

Unequal distribution of resources

Question 5

What is a Price Floor

Accepted Answer

Min Price set by the govt

Question 6

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 7

What is price ceiling?

Accepted Answer

maximum price

Question 8

What is one way to encourage trade between countries?

Accepted Answer

Lower tariffs

Question 9

Which market structure have few sellers and some product differentiation?

Accepted Answer

Oligopoly

Question 10

A perfect competition market structure has...

Accepted Answer

The most competition

Question 11

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

Accepted Answer

Right

Question 12

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

Accepted Answer

Oligopoly

Question 13

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 14

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

Accepted Answer

Unequal distribution of resources

Question 15

This market structure only has ONE seller.

Accepted Answer

Monopoly

Question 16

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

Accepted Answer

Left

Question 17

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

Accepted Answer

Consumer preferences

Question 18

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

Accepted Answer

Non-price determinant of demand

Question 19

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 20

Where do you find price equilibrium?

Accepted Answer

Where a supply curve and demand curve intersect

Questions 20