Question

30 Pts.

1.) How does a union get its power?


(Select all that apply.)


Through the membership of workers

Through a company’s articles of incorporation

Through purchasing government bonds

Through collective bargaining


2.) In a market economy, the exclusive possession or control of the supply or trade in a commodity or service can develop, discouraging competition.


What is this called?


Competition

Monopoly

Market

Distribution


3.) How are whole life insurance and term life insurance different?


Whole life insurance does not expire, but term life insurance does.

Whole life insurance payments vary, but term life insurance payments do not.

Whole life insurance expires, but term life insurance does not.

Whole life insurance pays death benefits, but term life insurance does not.


4.) Company X is making profits providing a new satellite service, but other firms cannot enter their market to compete with them. This is because Company X owns the patent on the process to develop the new service..


What type of monopoly does Company X have?


Artificial

Geographical

Technological

Natural


5.) Which is true about per capita GDP?


An increase in population leads to an increase in per capita GDP because there are more people to produce.

An increase in population leads to a positive impact on per capita GDP if the additional population does not produce.

An increase in population can have a negative impact on per capita GDP if the additional population does not produce.

An increase in population leads to a decrease in per capita GDP because more government services are needed.

Answer 1

through collective bargaining

Answer 2

1.Through collective bargaining/Through the membership of workers

2.Monopoly

3.Whole life insurance does not expire, but term life insurance does.

4.Technological

5.An increase in population can have a negative impact on per capita GDP if the additional population does not produce.

Step-by-step explanation:

Unions are organizations made from workers form the same field or company that get together to do collective bargaining and improve their work conditions.

A monopoly hapens when a company or a handfull of associated companies have total control over the production and trade of a product.

Whole life insurance can be bought and it will last for life, giving a certain amount of money to your beneficiaries once you die, a term life insurance has a expire date, often of 10-20 years, some of them if you didn´t use it by then they would give you the money.

A techonological monopoly exists when only one company has the technology necessary to produce a certain product or give a certain service, thus having total control over the market.

An increase in population would have a negative impact on the GDP because per capita GDP is measure by diving the GDP by the population, if the new population isn´t producing then we are left with the same GDP but divided by more people.