BE unit 2 questions with complete solutions jan-2024

Product standards, subsidies, and quotas are examples of _________ - Correct Answer Protectionism _______impacts pricing based on the availability of a product and the consumer desire for it. - Correct Answer Supply and Demand. _________is a system is the private ownership of businesses - Correct Answer Capitalism ________is experienced when demand meets insufficient resources - Correct Answer scarcity _______happens when multiple countries rely on one another for goods and services. - Correct Answer Global Trade _________includes the study of individual purchasing decisions - Correct Answer microeconomics .Fewer available resources and a lower standard of living are characteristics of_________ - Correct Answer develping countries _________is the way in which a country uses their resources and distributes goods and services. - Correct Answer economic system. .___________a product or service a country sells to another country. - Correct Answer export In order to help sell more domestic products, a country might charge an extra tax, or _________, on imports. - Correct Answer tariff Which of the four economic sectors includes education, the government, and scientific research? - Correct Answer Quaternary Which of the following is not considered a factor of production? natural labor land capital - Correct Answer land Controlling the use of a product or service is known as what? - Correct Answer rationing When consumer demand for a product is met by the available supply, the market has reached: - Correct Answer Equilibrium What term is used to describe when economic growth is at its highest point? - Correct Answer peak