1. A general rise in the level of prices is called a. free enterprise. b. inflation. c. gross domestic product. d. depression. e. monopoly. 2. A market situation in which there are many buyers and sellers of a product, and no single buyer or seller can control the price is a. an oligopoly. b. a monopolistic marketplace. c. a monopoly. d. pure competition. e. a laissez-faire market. 3. A system of exchange in which goods or services are exchanged without using money is called a. a barter system. b. free enterprise. c. monetary policy. d. fiscal policy. е. monopolistic competition. 4. The separation of a manufacturing process into distinct tasks is referred to as a. barter. b. specialization. С. factory system. d. domestic system.

1. A general rise in the level of prices is called a. free enterprise. b. inflation. c. gross domestic product. d. depression. e. monopoly. 2. A market situation in which there are many buyers and sellers of a product, and no single buyer or seller can control the price is a. an oligopoly. b. a monopolistic marketplace. c. a monopoly. d. pure competition. e. a laissez-faire market. 3. A system of exchange in which goods or services are exchanged without using money is called a. a barter system. b. free enterprise. c. monetary policy. d. fiscal policy. е. monopolistic competition. 4. The separation of a manufacturing process into distinct tasks is referred to as a. barter. b. specialization. С. factory system. d. domestic system.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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