Economics

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11. Often, the _______ the risk, the _______ the rewards.
A. higher; higher C. higher; lower
B. lower; higher D. faster; quicker


12. When the government of Indonesia imposes a tax on imported electronics products to
help its young electronics industry compete in the global marketplace, it’s imposing
a/an _______ on foreign electronics products.
A. import quota C. embargo
B. protective tariff D. revenue tariff


13. Typically, the quantity of products people are willing to buy will _______ when prices
_______.
A. increase; increase C. decrease; increase
B. stay the same; increase D. increase; stay the same


14. The _______, created in 1995, is assigned the task of mediating international trade
disputes.
A. EU C. GATT
B. WTO D. NAFTA


15. In general, a person who owns and operates his or her own business can be thought of
as a/an
A. entrepreneur. C. gambler.
B. manager. D. pioneer.



16. Consider two used-car dealers: Bob’s Better Wheels and Dewey, Cheatum, and Howe
Motors. Their prices are basically the same for similar vehicles even as their advertising
screams that their products are different. Which kind of competition is going on here?
A. Perfect competition C. Monopolistic competition
B. Monopoly D. Oligopoly

17. Americans are often accused of being ethnocentric. This means that
A. Americans welcome diversity in their work force.
B. Americans feel their culture is superior to other cultures.
C. U.S. firms are actively seeking international markets.
D. U.S. businesses are pursuing a policy of multiculturalism.


18. Uniform product codes are also known as
A. bar codes.
B. product numbers.
C. customer service standards.
D. basic product quality standards

19. Which of the following about a capitalist system is correct?
A. It guarantees the success of almost any business.
B. It’s one in which the factors of production are owned by the government.
C. It relies on honesty, integrity, and high ethical standards.
D. It isn’t substantially damaged by unethical business behavior.


20. Among developed nations, the United States is typical in that it has a _______
economy.
A. mixed C. command
B. socialist D. free market


11.A
12.C
13.C
14.D
15. A or B but i think its A
16.C
17.B
18. either A or B but i believe A
19.C
20.B

  • Economics -

    11. A
    12. B
    13. C
    14. B
    15. A
    16. C
    17. B
    18. A
    19. C
    20. A

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