Basic Micro & Macro Economics Midterm Mock Test

 It refers to the number of hours that the population desires to work in gainful activities in factories, farms, businesses, government, or non-profit organizations/establishments.

• LABOR SUPPLY

• LAW OF COMPARATIVE ADVANTAGE

• ABSOLUTE ADVANTAGE

• COMPARATIVE ADVANTAGE

• MONOPOLISTIC COMPETITION

an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.

• LABOR SUPPLY

• LAW OF COMPARATIVE ADVANTAGE

• ABSOLUTE ADVANTAGE

• INTERNATIONAL TRADE

• MONOPOLISTIC COMPETITION

 is the ability of an individual, company, region, or country to produce a greater quantity of a good or service with the same quantity of inputs per unit of time, or to produce the same quantity of a good or service per unit of time using a lesser quantity of inputs, than its competitors.

• COMPARATIVE ADVANTAGE

• LABOR SUPPLY

• ABSOLUTE ADVANTAGE

• LABOR UNION

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  UNDER UNEMPLOYMENT RATE

  
  

 an economy's ability to produce a particular good or service at a lower opportunity cost than its trading partners.

• LABOR UNION

• LABOR SUPPLY

• LAW OF COMPARATIVE ADVANTAGE

• MARKET STRUCTURE

• LABOR UNION

 this refers to a market structure in which there are many sellers who are supplying goods that are close, but not perfect substitutes. Each firm can exercise some effect on its product's price.

• COMPARATIVE ADVANTAGE

• MONOPOLISTIC COMPETITION

• LABOR SUPPLY

• ABSOLUTE ADVANTAGE

• MARKET STRUCTURE

 if goods can move freely across countries, that is, if There is completely free trade, including the absence of transport costs, then the disparities in factor prices will vanish, and therefore factor prices across countries will equalize.

• LABOR UNION

• MARKET STRUCTURE

• 
  

  COMPARATIVE ADVANTAGE

  
  

• MONOPOLISTIC COMPETITION

• INTERNATIONAL TRADE

 refers to a situation where a person actively searches for employment but is unable to find work.

• EMPLOYMENT RATE

• UNEMPLOYMENT

• LABOR UNION

• MARKET STRUCTURE

• UNEMPLOYMENT RATE

refers to how different industries are classified and differentiated based on their degree and nature of competition for goods and services.

• 
  

  INTERNATIONAL TRADE

  
  

• UNEMPLOYMENT RATE

• MARKET STRUCTURE

• LABOR UNION

• UNEMPLOYMENT

it is an organization of laborers in a factory, in a special trade or craft, or in an industry.

• INTERNATIONAL TRADE

• MARKET STRUCTURE

• UNEMPLOYMENT RATE

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  UNEMPLOYMENT

• LABOR UNION

the percentage of people in the labor force who are unemployed.

• LABOR UNION

• EMPLOYMENT RATE

• UNEMPLOYMENT RATE

• UNEMPLOYMENT

• PIECE RATING