ECO Quiz #2
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Questions and Answers

Which competition type is characterized by a large number of sellers and buyers, with no single seller or buyer having control over the market?

  • Monopolistic competition
  • Pure competition (correct)
  • Oligopoly
  • None of the above
  • What is the main factor that caused the price of toilet paper to rise at the beginning of COVID, according to the concept of supply and demand?

  • Decrease in supply
  • Increase in supply
  • Increase in demand (correct)
  • Decrease in demand
  • Which non-price determinate is sometimes utilized by the government to decrease demand for a harmful product?

  • Subsidies
  • Consumer boycotts
  • Excise taxes (correct)
  • Rationing
  • According to the information in the excerpt, what economic policy has Sweden adopted to enhance the efficiency of its social welfare system?

    <p>Privatizing the delivery of services</p> Signup and view all the answers

    How does international trade impact the economic growth of a trading nation?

    <p>International trade shifts the production possibility curve outward by using resources more efficiently</p> Signup and view all the answers

    What percentage of Sweden's economy is accounted for by government spending?

    <p>50%</p> Signup and view all the answers

    Which of the following economic policies distinguishes Sweden's free market economy from that of the United States?

    <p>Privatization of the social welfare system</p> Signup and view all the answers

    How does international trade impact economic growth within a trading nation?

    <p>International trade shifts the production possibility curve of a trading nation outward by using resources more efficiently.</p> Signup and view all the answers

    What percentage of Sweden's economy is accounted for by government spending?

    <p>50%</p> Signup and view all the answers

    What economic policy has Sweden adopted to enhance the efficiency of its social welfare system?

    <p>Privatization of the social welfare system</p> Signup and view all the answers

    Which competition type is characterized by a large number of sellers and buyers, with no single seller or buyer having control over the market?

    <p>Perfect competition</p> Signup and view all the answers

    Which type of competition is characterized by a large number of sellers and buyers, with no single seller or buyer having control over the market?

    <p>Pure competition</p> Signup and view all the answers

    According to the information in the excerpt, what economic policy has Sweden adopted to enhance the efficiency of its social welfare system?

    <p>Fiscal conservatism</p> Signup and view all the answers

    What is the main factor that caused the price of toilet paper to rise at the beginning of COVID, according to the concept of supply and demand?

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

    How does the government sometimes decrease demand for a product that is viewed as harmful to society?

    <p>Consumer boycotts</p> Signup and view all the answers

    What is a non-price determinate sometimes utilized by the government to decrease demand for a product that is viewed as harmful to society?

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

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