30 Apr End of Chapter Quiz Answer True (T) or False (F): 1. Competition is protected by law in the Unite…
End of Chapter Quiz Answer True (T) or False (F): 1. Competition is protected by law in the United States. 2. In perfect competition, government regulates business activities. 3. Ina monopoly, one producer or seller has total control of the supply and price of a certain product 4. A patent protects an inventor’s right to produce and sell a new invention 5. A copyright is an 6. Mos example of a technological monopoly. t businesses in the United States today are a combinati competition and monopoly on of 7. Producers can only use a dvertising based on product differentiation when the product they sell is completely different from all other products. 8. The law of demand does not apply in monopolistic competition. s. In monopolistic competition, all producers and buyers are free to make their own decisions about prices. 10. Monopolistic competition can only exist in markets that are dominated by a few large producers. -11. In monopolistic competition, it is very difficult for new producers to enter the market. 12. Oligopoly means control by a large group 13. The largest company in an oligopoly often becomes the price leader 14. Most oligopolies prefer competition based on special features of their products rather than competition based on price. 15. Price-fixing encourages competition. 16. Price wars are good for both customers and businesses. 17. Exports are goods brought into one country from another country. 18. If a country exports more than it imports, it will have a favorable balance of trade. own prices protecting U.S, producers 19. In free trade, businesses selling goods to other countries can set their 20. A tarifon goods imported from another country is one way of
ECONOMICS Think About It 1. Why does a country specialize in a certain product? 2. What are some of the advantages of economic interdependence? Can you think of any disadvan- tages? Explain. 3. What is a trade deficit? 4. What is a trade surplus? 5. How would a tariff protect U.S. producers? free trade? use to buy things in Mexico? 6. What are the advantages of 7. What kind of money would you
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