Market Structures

Analyze the data in the charts. Which impact will China's trade have on U. S. trade?

• China will have no impact on U.S. trade.

• China will take over some U.S. trade markets.

• The United States will be forced to import more technology.

• The world's trade balance will be equalized.

-One seller

-Complete barriers to market entry

-No product differentiation,

Which of the following is described by the characteristics listed above?

• Monopoly

• Oligopoly

• Pure competition

• Monopolistic competition

-Few sellers

-Some control over price

-High market entry barriers

-Some product differentiation,

What type of market structure is described by the list above?

• Oligopoly

• Natural monopoly

• Pure competition

• Monopolistic competition

With a given amount of resources, a country with a comparative advantage will produce a product with —

• decreased demand
• lower opportunity costs
• cheaper natural resources
• higher quality specifications

The market structure of pure competition is distinctive because —

• only one seller is needed in this market structure
• there are no examples of this type of market structure
• the sellers in this market structure have no control over price
• there are large number of barriers to entry into this market structure

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

• International trade allows industries within a trading nation to increase market power without losing customers.
• International trade allows a trading nation to limit opportunity costs, making the market more efficient.
• International trade shifts the demand curve of a trading nation outward, increasing the purchasing power of industries.
• International trade shifts the production possibility curve of a trading nation outward by using resources more efficiently.

Which economic concept does the information in the table illustrate?

• Absolute advantage

• Balance of trade

• Factors of production

• Comparative advantage

Based on the information in the table, which of the following would be Ivory Coast's diamond output available after trade?

• 18 diamonds

• 20 diamonds

• 30 diamonds

• 50 diamonds

Based on the information in the table, what gain did Benin make by specializing in tractors?

• 40 tractors

• 12 tractors

• 28 tractors

• 15 tractors

Between 1990 and 2003, the United States saw a decrease in its share of global high-technology exports. Based on the data in the table, which trading partner experienced the greatest benefit while the market share of the United States decreased?

• European Union

• Japan

• Germany

• China