ECON Exam Correctly Answered.

ECON Exam Correctly Answered. Which factors influence changes in consumer demand? Check all that apply. - CORRECT 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 - CORRECT ANSWER total output. Which of these practices describe how producers in oligopolies generally try to create competition? Check all that apply. - CORRECT 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? - CORRECT ANSWER recognizing the relationship between producers and consumers Why is the slow growth that can result from a contractionary policy a positive effect? - CORRECT 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 - CORRECT 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? - CORRECT ANSWER European Union In a mixed market economy, what is a typical way the government can reduce unemployment? - CORRECT 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. This graph demonstrates how - CORRECT ANSWER the amount produced slightly changes with the price. the amount produced greatly changes with the price. the quantity demanded *changes slightly with the price.* the quantity demanded changes greatly