Monopolistic competition is a market structure:
A) with many competitors selling differentiated products.
B) with only a handful of competitors selling similar products.
C) with many competitors selling virtually identical products.
D) with just a single producer completely dominating the industry.
Question 2 - A complete halt to trading with a particular nation or in a particular product is called a(n)
A) embargo.
B) stoppage.
C) stay.
D) closure.
E) barricade.
Question 3 - The fastest but most expensive means of transportation is by air.
Indicate whether the statement is true or false
Question 4 - Why does the selection process focus not on choosing the applicant with the most qualifications but on choosing the applicant with the most appropriate qualifications for the job?
Question 5 - A capitalist system depends on fair competition among businesses to:
A) be consistent with the goals of socialism.
B) buy and sell government securities.
C) guarantee that every individual business earns profits.
D) drive higher quality and lower prices.
Question 6 - An import duty has the effect of all of the following except
A) reducing the number of units exported.
B) raising the price of the product in the importing nation.
C) reducing the number of units imported.
D) creating a trade restriction.
E) protecting a domestic industry from competition.
Quick Reply
