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Econ Test #4 Study Guide

Answer all questions below using complete sentences on a separate sheet of paper. Be sure to explain all your answers.

Question 1

Short answer

What is monopolistic competition? Explain four characteristics of this market. (12.2, Monopolistic competition)

Question 2

Short answer

Define and explain unemployment rate and job creation and explain how they are significant. (12.5.2, Eco. Growth Terms)

Question 3

Short answer

Define and explain inflation and why this is an important tool to measure economic growth. (12.5.2, Inflation)

Question 4

Short answer

What is the role of the Federal Reserve and monetary policy? (12.3.4, Monetary Policy)

Question 5

Short answer

Explain the relationship between costs, price, and profit. (12.2.2, Costs, Price, & Profit)

Question 6

Short answer

What is a monopoly? Explain the conditions that must exist for there to be a monopoly and why sometimes monopolies are allowed and other times they are regulated. (12.2, Monopoly)

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