Economics Quiz- New

What type of monopoly is a copyright on a novel?

• Legal

• Natural

• Geographic

• Technological

What organization holds a policy of “most-favored nation”?

• WTO

• IMF

• NAFTA

• EU

What was originally established to monitor currency exchange?

• IMF

• WTO

• World Bank

• Federal Reserve

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

• Scarcity

• Abundance

• Popularity

• Size

What is a basic component of capitalism besides limited government, freedom of enterprise, and competition?

• Property rights

• Social welfare

• Central planning

• Public ownership

When supply of a good increases, what tends to decrease?

• Equilibrium price

• Demand

• Quality

• Production cost

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

• Monopoly

• Oligopoly

• Perfect competition

• Monopolistic competition

What is one of the safest ways to invest in a corporation?

• Bonds

• Stocks

• Real estate

• Mutual funds

What agreement among the United States, Canada, and Mexico encouraged free trade?

• NAFTA

• TPP

• USMCA

• CAFTA

Which economic system bases production of goods on customs and habits?

• Traditional

• Command

• Market

• Mixed