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Rutgers Introduction to Biochemistry Exam Prep Test
Bank NEWEST VERSION 2025 Exam Guide Questions
and Verified Answers | 100% Correct.
Factor intensity .....answer.....a measure of the quantity of a factor used in
comparison with other factors.
Factor abundance: .....answer.....the supply of a factor of production relative
to other factors.
Exporting industries .....answer.....produce goods and services that are sold
abroad.
Import-competing industries .....answer.....produce goods and services that
are also imported
Policies that limit imports trade protection/protection. .....answer.....Policies
that limit imports
tariff .....answer.....a tax levied on imports.
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Infant industry .....answer.....New industries need a temporary period of
protection to develop.
International trade agreements .....answer.....treaties in which a country
promises to reduce import tariffs in return for a promise by the other
country to do the same.
EU (European Union) .....answer.....a customs union among 27 European
nations.
Global trade agreements
NAFTA (North American Free Trade Agreement) .....answer.....a trade
agreement between the United States, Canada, and Mexico.
WTO (World Trade Organization) .....answer.....oversees international trade
agreements and rules on disputes between countries over those agreements.
Offshore outsourcing: .....answer.....hiring people in another country to
perform various tasks.
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Utility .....answer.....value or satisfaction from consumption.
Sweatshop labor fallacy .....answer.....It's easy to get outraged about the low
wages paid to the person who made your shirt, harder to appreciate how
much worse off that person would be if denied the opportunity to sell goods
in rich countries' markets.
Marginal utility (MU) .....answer.....the change in utility from consuming an
additional unit.
Value in diversity: Consumers gain from the increased diversity of products.
.....answer.....Consumers gain from the increased diversity of products.
competitive market .....answer.....has many buyers and sellers of the same
good or service, none of whom can influence the price.
supply and demand model .....answer.....a model of how a competitive
market behaves.
demand curve .....answer.....shows the quantity demanded at various prices.
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quantity demanded .....answer.....the quantity that buyers are willing (and
able) to purchase at a particular price.
Important demand shifters .....answer.....Changes in the prices of related
goods or services
Changes in income
Changes in tastes
Changes in expectations
Changes in the number of consumers
Two goods are substitutes .....answer.....if a decrease in the price of one leads
to a decrease in demand for the other (or vice versa).
A normal good: .....answer.....Demand increases when income increases (and
vice versa).
Two goods are complements .....answer.....if a decrease in the price of one
good leads to an increase in the demand for the other (or vice versa).
supply curve .....answer.....shows the quantity supplied at various prices.
Rutgers Introduction to Biochemistry Exam Prep Test
Bank NEWEST VERSION 2025 Exam Guide Questions
and Verified Answers | 100% Correct.
Factor intensity .....answer.....a measure of the quantity of a factor used in
comparison with other factors.
Factor abundance: .....answer.....the supply of a factor of production relative
to other factors.
Exporting industries .....answer.....produce goods and services that are sold
abroad.
Import-competing industries .....answer.....produce goods and services that
are also imported
Policies that limit imports trade protection/protection. .....answer.....Policies
that limit imports
tariff .....answer.....a tax levied on imports.
,2|Page
Infant industry .....answer.....New industries need a temporary period of
protection to develop.
International trade agreements .....answer.....treaties in which a country
promises to reduce import tariffs in return for a promise by the other
country to do the same.
EU (European Union) .....answer.....a customs union among 27 European
nations.
Global trade agreements
NAFTA (North American Free Trade Agreement) .....answer.....a trade
agreement between the United States, Canada, and Mexico.
WTO (World Trade Organization) .....answer.....oversees international trade
agreements and rules on disputes between countries over those agreements.
Offshore outsourcing: .....answer.....hiring people in another country to
perform various tasks.
,3|Page
Utility .....answer.....value or satisfaction from consumption.
Sweatshop labor fallacy .....answer.....It's easy to get outraged about the low
wages paid to the person who made your shirt, harder to appreciate how
much worse off that person would be if denied the opportunity to sell goods
in rich countries' markets.
Marginal utility (MU) .....answer.....the change in utility from consuming an
additional unit.
Value in diversity: Consumers gain from the increased diversity of products.
.....answer.....Consumers gain from the increased diversity of products.
competitive market .....answer.....has many buyers and sellers of the same
good or service, none of whom can influence the price.
supply and demand model .....answer.....a model of how a competitive
market behaves.
demand curve .....answer.....shows the quantity demanded at various prices.
, 4|Page
quantity demanded .....answer.....the quantity that buyers are willing (and
able) to purchase at a particular price.
Important demand shifters .....answer.....Changes in the prices of related
goods or services
Changes in income
Changes in tastes
Changes in expectations
Changes in the number of consumers
Two goods are substitutes .....answer.....if a decrease in the price of one leads
to a decrease in demand for the other (or vice versa).
A normal good: .....answer.....Demand increases when income increases (and
vice versa).
Two goods are complements .....answer.....if a decrease in the price of one
good leads to an increase in the demand for the other (or vice versa).
supply curve .....answer.....shows the quantity supplied at various prices.
