Economics Test 6 (Final Exam)

Besides its utility, what else determines the value of a good by a consumer?

• adequacy

• scarcity

• productivity

• appeal

What type of market model provides differentiated products?

• perfection competition

• monopolistic competition

• oligopoly

• monopoly

What type of market model is dominated by only a few firms?

• oligopoly

• monopoly

• perfect competition

• monopolistic competition

What is the value of all finished goods and services produced within a country during a year's time?

• GOP

• CPI

• GDP

• GNP

What function of money allows people to compare the worth of one good with that of another good?

• standard of worth

• measure of value

• store of value

• medium of exchange

What type of monopoly is a copyright on a novel?

• legal

• natural

• creative

• normal

What type of account guarantees a certain interest rate and has a specified maturity date?

• savings account

• money market account

• transaction account

• CD

What type of market model results when there is only one supplier of a good for which there is no substitute?

• perfect competition

• monopolistic competition

• monopoly

• oligopoly

What was originally established to monitor currency exchange?

• IMF

• NAFTA

• WTO

• GATT

What type of market model results in firms that are price takers?

• oligopoly

• monopolistic competition

• perfect competition

• monopoly