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- 1. Multiple Choice
Which has led to greater company productivity?
globalization
protectionism
unionization
specialization
- 2. Multiple Choice
Which is an example of a protectionist policy?
limiting the # of foreign cars that can be sold in USA
going into debt to buy large number of vehicles for military
decrease in interest rates on loans to car companies
deploying troops to help citizen scope with a natural disaster
- 3. Multiple Choice
Which is most likely to result from a rapid increase in the population of a city or town?
low housing prices
higher-paying jobs
seller's market
drop in population density
- 4. Multiple Choice
Which is measured by a calculation of the amount of goods and services the average person can afford to buy?
standard of living
inflation rate
national income
unemployment
- 5. Multiple Choice
Which leads to the end of a boom period in the business cycle?
reduction in consumer demand resulting from inflation
rise in prices resulting from higher production costs
natural disaster resulting in greater demand for housing construction
rise in interest rates
- 6. Multiple Choice
Which is the cause of demand-pull inflation?
A shortage of workers increases production costs.
Consumers want more and more goods and services, and supply can't necessarily keep up
Foreign competition drives domestic prices higher.
Globalization and outsourcing reduce national income.
- 7. Multiple Choice
Which is an example of a fiscal policy?
raising taxes in order to cover a budget deficit
preventing unions from going on strike
increasing the level of the minimum wage
restricting the amount of money that banks can lend
- 8. Multiple Choice
Which results from a large company's ability to take advantage of economies of scale?
The company can offer goods more cheaply than smaller retailers.
The company can hire fewer workers for lower wages.
The company can rely on better technology for production.
The company can more effectively use the Internet for advertising.
- 9. Multiple Choice
When someone buys a fourth television for his or her house, what is the result?
a rise in the opportunity cost of buying other goods
more efficient production of televisions
decrease in the marginal utility of the television
increase in demand for televisions.
- 10. Multiple Choice
Which limits the freedom of workers in the labor market?
inflexibility of the work force
availability of education
level of the minimum wage
existence of industrial robots
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