Podcast
Questions and Answers
What is the primary distinguishing factor between an oligopoly and a monopoly?
What is the primary distinguishing factor between an oligopoly and a monopoly?
- Oligopolies are more regulated than monopolies
- Oligopolies have more suppliers than monopolies
- Oligopolies are more profitable than monopolies
- Customers have more choice in an oligopoly than in a monopoly (correct)
Which of the following is not one of the four 'big-picture' issues essential to understanding the overall behavior of the economy?
Which of the following is not one of the four 'big-picture' issues essential to understanding the overall behavior of the economy?
- Business cycles
- Government intervention (correct)
- Unemployment
- Competition in a free-market system
During an economic expansion, which of the following is most likely to occur?
During an economic expansion, which of the following is most likely to occur?
- Consumer purchases stimulate higher employment and wages (correct)
- Employment and wages decrease
- Investment patterns become more conservative
- Consumers spend less money
Which type of unemployment is caused by a mismatch between the skills of workers and the skills required for available jobs?
Which type of unemployment is caused by a mismatch between the skills of workers and the skills required for available jobs?
Which of the following is not one of the factors that can contribute to the constant state of change in the economy?
Which of the following is not one of the factors that can contribute to the constant state of change in the economy?
In a free-market system, which of the following is the primary driver of economic activity?
In a free-market system, which of the following is the primary driver of economic activity?
Which type of unemployment is caused by temporary, seasonal factors that affect the demand for certain products or services?
Which type of unemployment is caused by temporary, seasonal factors that affect the demand for certain products or services?
Which of the following is not one of the 'big-picture' issues essential to understanding the overall behavior of the economy?
Which of the following is not one of the 'big-picture' issues essential to understanding the overall behavior of the economy?
During an economic recession, which of the following is most likely to occur?
During an economic recession, which of the following is most likely to occur?
Which type of unemployment is caused by a temporary mismatch between the supply and demand for labor?
Which type of unemployment is caused by a temporary mismatch between the supply and demand for labor?
Flashcards
Oligopoly
Oligopoly
A market structure where a few firms dominate the industry, leading to limited competition and potential for price manipulation. Customers have choices compared to a monopoly.
Monopoly
Monopoly
The situation where there's only one firm in the entire market, giving them complete control over pricing and supply.
Economy's Big Picture
Economy's Big Picture
The overall performance and changes within an economy. This includes factors like growth, stability, and resource allocation.
Economic Expansion
Economic Expansion
Signup and view all the flashcards
Structural Unemployment
Structural Unemployment
Signup and view all the flashcards
Economic Recession
Economic Recession
Signup and view all the flashcards
Seasonal Unemployment
Seasonal Unemployment
Signup and view all the flashcards
Frictional Unemployment
Frictional Unemployment
Signup and view all the flashcards
