Nov P2 Hard

Removal of trade barriers and standardization of laws

Protectionism

Rapid advancements in technology

<p>Economic growth</p> Signup and view all the answers

<p>Exploitation of geographic advantages</p> Signup and view all the answers

<p>Increased exchange of cultural ideas and practices</p> Signup and view all the answers

<p>Capital movement</p> Signup and view all the answers

<p>The process by which businesses develop international influence</p> Signup and view all the answers

<p>Profit maximization</p> Signup and view all the answers

<p>The cost of one good or service in terms of another</p> Signup and view all the answers

<p>To reduce environmental pollution and degradation</p> Signup and view all the answers

<p>Factor markets</p> Signup and view all the answers

<p>Increased supply</p> Signup and view all the answers

<p>Engaging local communities in conservation efforts</p> Signup and view all the answers

<p>Significant environmental pollution and health issues</p> Signup and view all the answers

<p>An increase in the price of one good can boost demand for a cheaper alternative</p> Signup and view all the answers

<p>Overgrazing and improper land use exacerbate land degradation</p> Signup and view all the answers

<p>Utilizing social media to raise awareness</p> Signup and view all the answers

<p>1.25</p> Signup and view all the answers

<p>Generic brands</p> Signup and view all the answers

<p>One measures response to price change of a good, while the other measures response to price change of another good</p> Signup and view all the answers

<p>1.5</p> Signup and view all the answers

<p>Necessity of the good</p> Signup and view all the answers

<p>To identify complementary or substitute goods</p> Signup and view all the answers

<p>Quality clothing</p> Signup and view all the answers

<p>One measures response to price change, while the other measures response to income change</p> Signup and view all the answers

<p>Cultural erosion and loss of diversity</p> Signup and view all the answers

<p>Higher mobility of resources</p> Signup and view all the answers

<p>Absolute advantage is based on efficiency, while comparative advantage is based on opportunity cost</p> Signup and view all the answers

<p>Making informed decisions on pricing strategies and production adjustments</p> Signup and view all the answers

<p>Developed countries tend to export high-value manufactured goods, while developing countries export raw materials</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Access to new markets and broadening of customer base</p> Signup and view all the answers

<p>Aid from developed to developing countries often comes with strings attached</p> Signup and view all the answers

<p>Accounting profit does not account for implicit costs, while economic profit does.</p> Signup and view all the answers

<p>Environmental deterioration</p> Signup and view all the answers

<p>To identify the most efficient production level.</p> Signup and view all the answers

<p>Job losses in developed countries due to outsourcing</p> Signup and view all the answers

<p>Output increases by a smaller proportion than inputs.</p> Signup and view all the answers

<p>The point where marginal revenue equals marginal cost is the optimal production level.</p> Signup and view all the answers

<p>Lower prices and more varied products</p> Signup and view all the answers

<p>The break-even point where a business makes just enough profit to continue operating.</p> Signup and view all the answers

<p>To evaluate the effectiveness of a pricing strategy.</p> Signup and view all the answers

<p>A decrease in the average cost of production due to an increase in scale.</p> Signup and view all the answers

<p>Short-run costs are fixed, while long-run costs are variable.</p> Signup and view all the answers

<p>To make decisions about production levels.</p> Signup and view all the answers

<p>Profit is calculated as total revenue minus total cost.</p> Signup and view all the answers

<p>Accounting profit is calculated based on explicit costs, while economic profit is calculated based on implicit costs.</p> Signup and view all the answers

<p>To determine the fixed costs per unit of output.</p> Signup and view all the answers

<p>A situation in which the average cost of production decreases as the quantity of output increases.</p> Signup and view all the answers

<p>Marginal revenue is equal to marginal cost at the optimal level of production.</p> Signup and view all the answers

<p>The average cost of production increases as the quantity of output increases.</p> Signup and view all the answers

<p>Short-run costs are variable, while long-run costs are fixed.</p> Signup and view all the answers

<p>To determine the optimal level of production.</p> Signup and view all the answers

<p>The minimum profit required for a firm to continue operating in the market.</p> Signup and view all the answers

<p>To determine the revenue earned by a firm from selling its products.</p> Signup and view all the answers

<p>As price elasticity of demand increases, revenue increases.</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>Economic disparities between developed and developing countries</p> Signup and view all the answers

<p>Job losses in developed countries</p> Signup and view all the answers

<p>Increased variety of goods and services</p> Signup and view all the answers

<p>Absolute advantage is based on efficiency, while comparative advantage is based on opportunity cost</p> Signup and view all the answers

<p>To reduce pollution and environmental degradation</p> Signup and view all the answers

<p>Increased cultural diversity</p> Signup and view all the answers

<p>Increased economic inequality between developed and developing countries</p> Signup and view all the answers

<p>Increased innovation and better products and services</p> Signup and view all the answers

<p>Energy crisis and environmental degradation</p> Signup and view all the answers

<p>It is elastic</p> Signup and view all the answers

<p>Low production capacity</p> Signup and view all the answers

<p>One measures response to price, the other to income</p> Signup and view all the answers

<p>They are substitute goods</p> Signup and view all the answers

<p>It is inelastic</p> Signup and view all the answers

<p>To set optimal prices and production levels</p> Signup and view all the answers

<p>Essential medicine</p> Signup and view all the answers

<p>To ensure natural resources are used in a manner that maintains their viability for future generations</p> Signup and view all the answers

<p>It makes demand more elastic</p> Signup and view all the answers

<p>It is an inferior good</p> Signup and view all the answers

<p>It promotes the integration of sustainable practices into various sectors of the economy</p> Signup and view all the answers

<p>One measures response to price, the other to the price of another good</p> Signup and view all the answers

<p>It decreases demand unless the good is inelastic</p> Signup and view all the answers

<p>To influence consumer and producer decisions about what to buy or produce</p> Signup and view all the answers

<p>To maximize profit and minimize costs</p> Signup and view all the answers

<p>It increases supply</p> Signup and view all the answers

<p>To understand how changes in one market affect others</p> Signup and view all the answers

<p>It leads to significant environmental pollution and health issues</p> Signup and view all the answers

<p>To promote sustainable practices through educational programs</p> Signup and view all the answers

<p>It engages local communities in conservation efforts and sustainable development projects</p> Signup and view all the answers

<p>Easier international trade and investment</p> Signup and view all the answers

<p>Lowering of costs of operations and fostering innovation</p> Signup and view all the answers

<p>Facilitation of international business operations</p> Signup and view all the answers

<p>Exchange of cultural ideas and practices, influencing lifestyles and behaviors worldwide</p> Signup and view all the answers

<p>Exploiting geographic advantages</p> Signup and view all the answers

<p>Integration of economic activities</p> Signup and view all the answers

<p>Encouragement of international trade and investment</p> Signup and view all the answers

<p>Standardization of laws and regulations</p> Signup and view all the answers

<p>Increased investment and business opportunities</p> Signup and view all the answers

<p>Free movement of resources across borders</p> Signup and view all the answers

<p>To reduce labor costs and access raw materials</p> Signup and view all the answers

<p>Rapid advancements in technology, leading to lower costs and increased innovation</p> Signup and view all the answers

<p>Increased global relationships, leading to an exchange of cultural ideas and practices</p> Signup and view all the answers

<p>Removal of trade barriers, encouraging international trade and investment</p> Signup and view all the answers

<p>Capital movement and technological advances</p> Signup and view all the answers

<p>Removal of trade barriers, making it easier to buy and sell goods internationally</p> Signup and view all the answers

<p>To maintain natural resources for future generations</p> Signup and view all the answers

<p>Significant environmental pollution and health issues</p> Signup and view all the answers

<p>To influence consumer and producer decisions about what to buy or produce</p> Signup and view all the answers

<p>Short-run costs are variable, while long-run costs are fixed</p> Signup and view all the answers

<p>To integrate sustainable practices into various sectors of the economy</p> Signup and view all the answers

<p>Higher prices increase supply</p> Signup and view all the answers

<p>To maximize profit</p> Signup and view all the answers

<p>Land degradation and water pollution</p> Signup and view all the answers

<p>Economic profit considers opportunity costs, while accounting profit does not</p> Signup and view all the answers

<p>Improved product quality and variety</p> Signup and view all the answers

<p>Accounting profit excludes opportunity costs, while economic profit includes them.</p> Signup and view all the answers

<p>To determine the optimal level of production.</p> Signup and view all the answers

<p>Output increases by a greater proportion than inputs.</p> Signup and view all the answers

<p>To compare the efficiency of different production levels.</p> Signup and view all the answers

<p>The minimum profit needed for sustainability.</p> Signup and view all the answers

<p>Marginal revenue equals marginal cost at the optimal level of production.</p> Signup and view all the answers

<p>A situation in which increasing the scale of production leads to a lower cost per unit.</p> Signup and view all the answers

<p>Short-run costs are fixed, while long-run costs are variable.</p> Signup and view all the answers

<p>To calculate the profit.</p> Signup and view all the answers

<p>The additional revenue from selling one more unit of output.</p> Signup and view all the answers

<p>Developed nations tend to export high-value manufactured goods while importing raw materials from developing nations.</p> Signup and view all the answers

<p>Improved air quality and reduced pollution</p> Signup and view all the answers

<p>To reduce pollution and protect the environment</p> Signup and view all the answers

<p>Job losses in developed countries due to outsourcing</p> Signup and view all the answers

<p>It promotes specialization and trade between countries</p> Signup and view all the answers

<p>Increased industrial activity and resource exploitation</p> Signup and view all the answers

<p>To manage the effects of globalization and ensure its benefits are widely distributed</p> Signup and view all the answers

<p>Reduces cultural diversity and promotes uniformity</p> Signup and view all the answers

<p>Increased income gap between developed and developing countries</p> Signup and view all the answers

<p>To reduce environmental degradation and promote sustainable development</p> Signup and view all the answers

<p>To determine the optimal pricing strategy for a business</p> Signup and view all the answers

<p>Availability of substitutes</p> Signup and view all the answers

<p>The former measures responsiveness to price changes, while the latter measures responsiveness to price changes of other goods</p> Signup and view all the answers

<p>2</p> Signup and view all the answers

<p>Cars and fuel</p> Signup and view all the answers

<p>To predict how changes in consumer income will affect demand</p> Signup and view all the answers

<p>2</p> Signup and view all the answers

<p>Quality clothing</p> Signup and view all the answers

<p>Elastic supply is more responsive to price changes, while inelastic supply is less responsive</p> Signup and view all the answers

<p>Availability of production resources</p> Signup and view all the answers

<p>Loss of biodiversity and habitat destruction</p> Signup and view all the answers

<p>Enhanced understanding and cooperation between different cultures</p> Signup and view all the answers

<p>Promotes efficiency and specialization</p> Signup and view all the answers

<p>Increased economic disparities between developed and developing countries</p> Signup and view all the answers

<p>Legislation and policy measures, such as the National Environment Management Act</p> Signup and view all the answers

<p>Environmental degradation</p> Signup and view all the answers

<p>Job losses in developed countries</p> Signup and view all the answers

<p>Lower prices and more varied products</p> Signup and view all the answers

<p>Significant income gap between developed and developing countries</p> Signup and view all the answers

<p>Threatens ecological balance and public health</p> Signup and view all the answers

<p>Accounting profit is calculated using explicit costs, while economic profit includes implicit costs</p> Signup and view all the answers

<p>Variable costs</p> Signup and view all the answers

<p>To compare the costs of different production levels</p> Signup and view all the answers

<p>Output increases by a greater proportion than inputs</p> Signup and view all the answers

<p>Marginal revenue is equal to marginal cost at the profit-maximizing level of output</p> Signup and view all the answers

<p>The minimum profit needed for sustainability</p> Signup and view all the answers

<p>To make decisions about the level of production</p> Signup and view all the answers

<p>In the short run, some costs are fixed, while in the long run, all costs are variable</p> Signup and view all the answers

<p>A situation where a firm's cost per unit decreases as production increases</p> Signup and view all the answers

<p>To compare the revenue of different production levels</p> Signup and view all the answers

<p>A 10% decrease in price will result in an 8% increase in quantity demanded.</p> Signup and view all the answers

<p>Because they are essential for survival.</p> Signup and view all the answers

<p>It measures the responsiveness of quantity supplied to a change in price.</p> Signup and view all the answers

<p>Negative.</p> Signup and view all the answers

<p>Generic brands.</p> Signup and view all the answers

<p>To make informed decisions regarding pricing strategies and production levels.</p> Signup and view all the answers

<p>Limited time to respond to price changes.</p> Signup and view all the answers

<p>One measures responsiveness to price changes, while the other measures responsiveness to income changes.</p> Signup and view all the answers

<p>A 10% increase in price leads to a 10% decrease in quantity demanded.</p> Signup and view all the answers

<p>Elastic supply is more responsive to price changes, while inelastic supply is less responsive.</p> Signup and view all the answers

<p>Economic Measures</p> Signup and view all the answers

<p>Increase in demand for the good</p> Signup and view all the answers

<p>Relative prices are influenced by changes in supply and demand</p> Signup and view all the answers

<p>Profit maximization</p> Signup and view all the answers

<p>Overgrazing and improper land use</p> Signup and view all the answers

<p>Decrease in demand</p> Signup and view all the answers

<p>Utilizing social media to raise awareness</p> Signup and view all the answers

<p>Short-run focuses on the immediate effects of changes, while long-run focuses on the long-term effects</p> Signup and view all the answers

<p>Changes in one market can have ripple effects on other markets</p> Signup and view all the answers

<p>To analyze how changes in one market affect others</p> Signup and view all the answers

<p>To facilitate the movement of goods and services</p> Signup and view all the answers

<p>Easier international trade and investment</p> Signup and view all the answers

<p>To exploit geographic advantages</p> Signup and view all the answers

<p>Lowering the cost of operations and fostering innovation</p> Signup and view all the answers

<p>Standardization of laws and regulations</p> Signup and view all the answers

<p>Increased investment and business opportunities</p> Signup and view all the answers

<p>Capital movement</p> Signup and view all the answers

<p>Economic development</p> Signup and view all the answers