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Econ mid term
| Question | Answer |
|---|---|
| If two shops sell the same merchandise but one offers a higher level of service the service distinction is | Non-price competition |
| A major characteristic of monopolistic competition is that prices will be | Higher than imperfect competition |
| A cartel is able to survive only If | All members keep agreed output levels |
| The main difference between monopolistic competition in perfect competition is that | In monopolistic competition sellers completely control price |
| Which legislation enacted in 1947 may have been the reason for the decline in union membership | The Taft Hartley act |
| What is one of a labor unions primary goals | To secure its members jobs |
| What is considered a negative impact of a strike on an employer | Loss of profits |
| In which sectors has union membership grown in recent years | Public sector only |
| A government aim and giving an antitrust exemption to sports leagues is | To allow leagues to keep team plays stable and orderly |
| A discounted airline fare is a price discrimination that can be offered because | Vacationers are willing to put up with the airlines restrictions |
| Patents are a form of monopoly you guys society allows because they | Encourage firms to develop new products that benefit society |
| The controller of a monopoly sets the price of goods by charging | The price at which the profit it maximized |
| For which of the following goods is supply likely to be inelastic in the short term weather prices rise or fall | Cargo ships |
| When the price of a product goes down what happens | Some producers produce less and others drop out of the market |
| A supply schedule is characterized by which of the following | It lists supply for a specific good |
| Which of these best describes a supply curve | It always rises from left to right |
| How can expectations about the future change consumer behavior | Demand for a good rises if its price is expected to rise |
| How many advertising lead to a shift in the demand curve | By helping to create fads and trends |
| When will increase demand for one good increase demand for another | When goods are used together |
| What can cause an entire demand curve to shift | A change in demographics |
| Why does an economic create a market demand schedule | To predict how all people will change their buying habits |
| What does it mean when you have a demand for a service or good? | You are willing and able to buy it at the given price |
| If prices rise but not income what is the effect on demand | Fewer goods are bought |
| What happens when the price of item A increases? | Consumers will buy the cheaper item B as a substitute |
| What effect do rising input costs have on the price of a good | The good becomes more expensive to produce |
| How does the new technology generally affect production | It lowers cost and increases supply |
| What is one reason European governments protect the growing of food with subsidies? | To have food in case imports are ever restricted |
| If a seller expects the price of a good to rise in the future the seller will | Store these goods until the price goes up |
Created by:
lacimcadow