Exercises 1. Answer the questions

12. What word in the next to last paragraph refers to a very limited group 
of sellers working together to restrict trading opportunities?
13. What adverb in the same paragraph suggests that monopolistic profits 
may be kept high by unnatural means?
14. What adjective in the last paragraph shows that such services as 
national airlines have great social value?
2. Which of the following is true:
1. The money standard used by economics is essentially an ethical 
standard.
2. Employees enjoy the surplus in industry that we usually call profits.
3. The future is often financed by the past.
4. Although the accumulation of capital is generally considered a strictly 
capitalistic activity, it also takes place in communist economies.
5. Although the term “market” originally referred to a fixed locality, today 
it need not do so.
6. The four types of monopoly are not possible in a perfect market.

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