Markets and Competition Practice Test

the belief that a country should primarily focus on ensuring a favorable balance of trade by exporting more than it imports.

the unique advantages possessed by the American Republic that have allowed the country to emerge as the world's dominant economic power.

the reason why the work force always has less power than those who employ them.

the manner in which a company with a monopoly can lower prices and ensure the continued lack of competition.

the ability of one country to produce a resource cheaper than another country can.