
INTERNATIONAL TRADE FINAL EXAM
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Business
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University
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Practice Problem
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Joan Perez
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80 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
refer to the cost advantage experienced by a firm when it increases its level of output
Economies of scale
Internal economies of scale
external economies of scale
perfectly competitive market
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This refers to economies that are unique to a firm. For instance, a firm may hold a patent over a mass production machine, which allows it to lower its average cost of production more than other firms in the industry.
Economies of scale
Internal economies of scale
external economies of scale
perfectly competitive market
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
These refer to economies of scale enjoyed by an entire industry. For instance, suppose the government wants to increase steel production. In order to do so, the government announces that all steel producers who employ more than 10,000 workers will be given a 20% tax break.
Economies of scale
Internal economies of scale
external economies of scale
perfectly competitive market
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
markets in which there are many buyers and sellers, none of whom represents a large part of the market—firms are price takers.
Economies of scale
Internal economies of scale
external economies of scale
perfectly competitive market
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
is a concept in microeconomics that describes a market structure controlled entirely by market forces.
perfect competition
imperfect competition
monopolies
oligopoly
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
occurs in a market when one of the conditions in a perfectly competitive market are left unmet
perfect competition
imperfect competition
monopolies
oligopoly
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In __________ there is only one (dominant) seller. That company offers a product to the market that has no substitute.
perfect competition
imperfect competition
monopolies
oligopoly
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