Question 1

The factors of production are the goods produced by a manufacturing facility.

Accepted Answer

A) True 
 B)False

Question 2

The Bank of Canada can print money and raise taxes.

Accepted Answer

A) True 
 B)False

Question 3

Which type of inflation is occurring when the demand for goods and services is greater than the supply?

Accepted Answer

A)  demand-push 
B)  cost-push 
C)  demand-pull 
D)  supply-side 
A)  demand-push 
B)  cost-push 
C)  demand-pull 
D)  supply-side

Question 4

A retailer of computer games can focus on relationship management by engaging in which of the following practices?

Accepted Answer

A)  selling products that are cheaper but not always reliable 
B)  pricing to take advantage of customers' passions 
C)  using advertising that helps customers make impulse buying decisions 
D)  giving customers more than they expected, such as a reward once they have purchased 10 games 
A)  selling products that are cheaper but not always reliable 
B)  pricing to take advantage of customers' passions 
C)  using advertising that helps customers make impulse buying decisions 
D)  giving customers more than they expected, such as a reward once they have purchased 10 games

Question 5

China is a planned economy with very few entrepreneurs.

Accepted Answer

A) True 
 B)False

Question 6

The price of a basket of groceries rises from $30 to $40 but your salary remains the same.This is an example of a decline in which of the following for you,personally?

Accepted Answer

A)  standard of living 
B)  purchasing power 
C)  cost of living index 
D)  GDP index 
A)  standard of living 
B)  purchasing power 
C)  cost of living index 
D)  GDP index

Question 7

When the government decides to cut military spending,which type of policy is it implementing?

Accepted Answer

A)  monetary 
B)  microeconomic 
C)  fiscal 
D)  operational 
A)  monetary 
B)  microeconomic 
C)  fiscal 
D)  operational

Question 8

Market equilibrium is described as which of the following?

Accepted Answer

A)  the point at which a nation reaches full employment 
B)  the time period used to determine the Consumer Price Index (CPI) 
C)  the point at which quantity supplied equals quantity demanded 
D)  the moment when profit is created 
A)  the point at which a nation reaches full employment 
B)  the time period used to determine the Consumer Price Index (CPI) 
C)  the point at which quantity supplied equals quantity demanded 
D)  the moment when profit is created

Question 9

Suppose that 50 percent of the labour force in a country is involved in the agricultural sector,but the economic growth in the nation comes from industry and tourism.What type of unemployment would such a mismatch of ability and job requirements cause?

Accepted Answer

A)  mechanical 
B)  frictional 
C)  structural 
D)  cyclical 
A)  mechanical 
B)  frictional 
C)  structural 
D)  cyclical

Question 10

Which of the following statements describes an oligopoly?

Accepted Answer

A)  In an oligopoly, three or four companies usually dominate the marketplace. 
B)  In an oligopoly, there are many companies selling identical products. 
C)  In an oligopoly, prices between companies are very different. 
D)  In an oligopoly, there are usually one or two companies that dominate the market. 
A)  In an oligopoly, three or four companies usually dominate the marketplace. 
B)  In an oligopoly, there are many companies selling identical products. 
C)  In an oligopoly, prices between companies are very different. 
D)  In an oligopoly, there are usually one or two companies that dominate the market.

Question 11

What is fiscal policy concerned with?

Accepted Answer

A)  taxation and spending 
B)  credit and banking 
C)  investments and insurance 
D)  credit and spending 
A)  taxation and spending 
B)  credit and banking 
C)  investments and insurance 
D)  credit and spending

Question 12

Gracie Burlesford works for a peach grower in southern Ontario.In July,Burlesford was laid off because of a drought.What type of unemployment is this?

Accepted Answer

A)  frictional 
B)  structural 
C)  geographical 
D)  seasonal 
A)  frictional 
B)  structural 
C)  geographical 
D)  seasonal

Question 13

Which of the following measures prices paid by producers and wholesalers for commodities,including raw materials and finished products?

Accepted Answer

A)  wholesale cost index 
B)  producer price index 
C)  consumer price index 
D)  raw material price index 
A)  wholesale cost index 
B)  producer price index 
C)  consumer price index 
D)  raw material price index

Question 14

When the economy is in a recession,many companies must lay off workers,causing which type of unemployment?

Accepted Answer

A)  cultural 
B)  cyclical 
C)  frictional 
D)  structural 
A)  cultural 
B)  cyclical 
C)  frictional 
D)  structural

Question 15

Canada,Great Britain,and Sweden are market economies.

Accepted Answer

A) True 
 B)False

Question 16

What is the definition of microeconomics?

Accepted Answer

A)  monetary policy as it pertains to specific industries 
B)  fiscal and monetary policy on a national level 
C)  the interactions of aggregated national and international economic data 
D)  individual companies, markets, or households 
A)  monetary policy as it pertains to specific industries 
B)  fiscal and monetary policy on a national level 
C)  the interactions of aggregated national and international economic data 
D)  individual companies, markets, or households

Question 17

Which of the following refers to the Bank of Canada's programs for controlling the amount of money in circulation?

Accepted Answer

A)  microeconomics 
B)  macroeconomics 
C)  monetary policy 
D)  fiscal policy 
A)  microeconomics 
B)  macroeconomics 
C)  monetary policy 
D)  fiscal policy

Question 18

The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP,two-thirds of its exports,and half of its labour force.This type of information would be revealed through which perspective?

Accepted Answer

A)  regional monetary policy 
B)  aggregated economics 
C)  area economics 
D)  microeconomics 
A)  regional monetary policy 
B)  aggregated economics 
C)  area economics 
D)  microeconomics

Question 19

For a time,only Xerox could produce dry-paper copiers because Xerox held all the patents on the process.Until the patents expire,Xerox could be said to operate in which type of market structure?

Accepted Answer

A)  imperfect competitive 
B)  purely competitive 
C)  monopolistic 
D)  noncompetitive oligopoly 
A)  imperfect competitive 
B)  purely competitive 
C)  monopolistic 
D)  noncompetitive oligopoly

Question 20

For most agricultural products,farmers produce homogeneous products,sell them to a common market,and generally cannot affect prices greatly.This is an example of which kind of market structure?

Accepted Answer

A)  a pure monopoly 
B)  imperfect competition 
C)  perfect competition 
D)  monopolistic competition 
A)  a pure monopoly 
B)  imperfect competition 
C)  perfect competition 
D)  monopolistic competition

The factors of production are the goods produced by a manufacturing facility.

The Bank of Canada can print money and raise taxes.

Which type of inflation is occurring when the demand for goods and services is greater than the supply?

A retailer of computer games can focus on relationship management by engaging in which of the following practices?

China is a planned economy with very few entrepreneurs.

The price of a basket of groceries rises from $30 to $40 but your salary remains the same.This is an example of a decline in which of the following for you,personally?

When the government decides to cut military spending,which type of policy is it implementing?

Market equilibrium is described as which of the following?

Suppose that 50 percent of the labour force in a country is involved in the agricultural sector,but the economic growth in the nation comes from industry and tourism.What type of unemployment would such a mismatch of ability and job requirements cause?

Which of the following statements describes an oligopoly?

What is fiscal policy concerned with?

Gracie Burlesford works for a peach grower in southern Ontario.In July,Burlesford was laid off because of a drought.What type of unemployment is this?

Which of the following measures prices paid by producers and wholesalers for commodities,including raw materials and finished products?

When the economy is in a recession,many companies must lay off workers,causing which type of unemployment?

Canada,Great Britain,and Sweden are market economies.

What is the definition of microeconomics?

Which of the following refers to the Bank of Canada's programs for controlling the amount of money in circulation?

The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP,two-thirds of its exports,and half of its labour force.This type of information would be revealed through which perspective?

For a time,only Xerox could produce dry-paper copiers because Xerox held all the patents on the process.Until the patents expire,Xerox could be said to operate in which type of market structure?

For most agricultural products,farmers produce homogeneous products,sell them to a common market,and generally cannot affect prices greatly.This is an example of which kind of market structure?

Politics Governments’ Roles

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

Filters

Exam 2: Economics Evolving Systems

The factors of production are the goods produced by a manufacturing facility.

The Bank of Canada can print money and raise taxes.

Which type of inflation is occurring when the demand for goods and services is greater than the supply?

A retailer of computer games can focus on relationship management by engaging in which of the following practices?

China is a planned economy with very few entrepreneurs.

The price of a basket of groceries rises from $30 to $40 but your salary remains the same.This is an example of a decline in which of the following for you,personally?

When the government decides to cut military spending,which type of policy is it implementing?

Market equilibrium is described as which of the following?

Suppose that 50 percent of the labour force in a country is involved in the agricultural sector,but the economic growth in the nation comes from industry and tourism.What type of unemployment would such a mismatch of ability and job requirements cause?

Which of the following statements describes an oligopoly?

What is fiscal policy concerned with?

Gracie Burlesford works for a peach grower in southern Ontario.In July,Burlesford was laid off because of a drought.What type of unemployment is this?

Which of the following measures prices paid by producers and wholesalers for commodities,including raw materials and finished products?

When the economy is in a recession,many companies must lay off workers,causing which type of unemployment?

Canada,Great Britain,and Sweden are market economies.

What is the definition of microeconomics?

Which of the following refers to the Bank of Canada's programs for controlling the amount of money in circulation?

The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP,two-thirds of its exports,and half of its labour force.This type of information would be revealed through which perspective?

For a time,only Xerox could produce dry-paper copiers because Xerox held all the patents on the process.Until the patents expire,Xerox could be said to operate in which type of market structure?

For most agricultural products,farmers produce homogeneous products,sell them to a common market,and generally cannot affect prices greatly.This is an example of which kind of market structure?

Politics Governments’ Roles

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

Filters