41. Factors Influencing Consumer Buying Decisions
A. Only Price
B. Price, Product Quality, Brand Image, and Consumer Preferences
C. Limited to Advertisement Influence
D. Independent of Economic Conditions
42. External Debt Sustainability
A. Increases with Borrowing
B. Concerns the Ability of a Country to Meet Its Debt Obligations in the Future
C. Promotes Economic Growth Automatically
D. Reflects Trade Balance
43. Game Theory Application in Oligopoly
A. No Strategic Interaction
B. Studies Interactions Among a Small Number of Firms
C. Excludes Profit Maximization
D. Assumes Perfect Competition
44. Keynesian Cross Model
A. Focuses on Long-Term Economic Trends
B. Short-Run Model That Shows the Relationship Between Aggregate Income and Expenditure
C. Assumes Perfect Information
D. Advocates for Laissez-faire Policies
45. Types of Economic Systems
A. Exclusive to Capitalism
B. Market Economy, Command Economy, Mixed Economy
C. Limited to Socialist Systems
D. Determined by Natural Resources Only
46. Factors Affecting Price Elasticity of Demand
A. Only Consumer Income
B. Availability of Substitutes, Necessity vs. Luxury, and Time Horizon
C. Government Regulations
D. Producers’ Costs
47. The Quantity Theory of Money
A. Implies a Direct Relationship Between Money Supply and Real Output
B. States That Changes in Money Supply Affect Only Prices, Not Real Output
C. Advocates for Barter System
D. Proposes Fixed Exchange Rates
48. Characteristics of Monopsony
A. Single Seller in the Market
B. Single Buyer in the Market
C. Many Sellers, Homogeneous Products
D. Perfectly Competitive Market
49. Ricardian Equivalence Theory
A. Argues That Consumers Base Spending Decisions on Current Income
B. Suggests That Tax Cuts Will Not Stimulate Economic Activity If Consumers Expect Future Tax Increases to Pay Off the Debt Incurred
C. Supports Keynesian Economics
D. Emphasizes the Importance of Government Spending
50. Environmental Kuznets Curve
A. Implies Linear Relationship Between Environmental Degradation and Economic Growth
B. Suggests That Environmental Quality Worsens Initially but Improves as Income Increases
C. Reflects Elasticity of Demand for Environmental Goods
D. Advocates for Unlimited Economic Growth
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