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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