2023 econ exam solved 100% Correct

Which factors influence changes in consumer demand? Check all that apply. - ANSWER-elasticity clearance sales income Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's - ANSWER-total output. Which of these practices describe how producers in oligopolies generally try to create competition? Check all that apply. - ANSWER-by keeping prices low by offering promotions by advertising by cultivating brand loyalty by overcoming barriers to entry by developing a specific image What is one main objective in the study of economics? - ANSWER-recognizing the relationship between producers and consumers Why is the slow growth that can result from a contractionary policy a positive effect? - ANSWER-It can increase interest rates. It can decrease available credit. It can increase the money supply. *It can decrease inflation.* In a competitive market, a computer store offers customers a warranty to help pay for any future damages. This is an example of - ANSWER-following a federal regulation. lowering prices for customers. *reducing the risk for consumers.* creating a new or better product. Which organization created a shared economy? - ANSWER-European Union In a mixed market economy, what is a typical way the government can reduce unemployment? - ANSWER-*The government can pay for projects to create work.* The government can control new factories to provide jobs. The government can create new farm fields to hire workers. The government can raise taxes to encourage employment. The graph shows the price of a good compared to the quantity demanded.