Exam 2: Economics Evolving Systems

At the equilibrium point,quantity demanded equals quantity supplied.

If you were told the output of goods and services produced in Luxembourg had increased by 6 percent in 2010,you would correctly refer to this increase as which type of growth?

When an analyst is evaluating the construction industry in terms of interest rates,employment cycles,and the rate of new home building nationwide,he is looking at microeconomics.

If the national unemployment rate goes up,which of the following might be a contributing factor?

List the four types of market structures.

What are patterns of expansion and contraction in aggregate economic activity,as measured by GDP?

If a government spends $2.7 billion on government programs,and receives revenues of $2.3 billion,what does the country have?

A farmer's market where 60 farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition.

In the middle of the mountains in northern BC,there are five service stations competing for all the business that exists in this isolated location.When one service station lowers its price on gas,all must follow suit.These service stations are operating in which type of market structure?

Which of the following occurs if a country's total expenditures are higher than the revenues received from the taxes it gathers?

When a single company accounts for 100 percent of industry sales,it is an example of which type of market structure?

If a nation experienced an inflation rate of about 12 percent and then,5 years later,had an inflation rate of about 15 percent,which of the following statements best describes what was happening to purchasing power during that period?

If the tourism industry in a Canadian province had 43 percent unemployment due to an economic downturn that gripped the country,the workers in the tourism industry would be experiencing which of the following type of unemployment?

The price of a decorated three-tiered wedding cake from a local supermarket deli recently increased from $105 to $119.The supermarket manager said it was due entirely to increases in sugar and labour costs.The $14 increase is an example of which of the following?

If NBPower supplies all of the electricity to New Brunswick,NBPower is an example of which of the following?

What kind of interaction is a DVD rental store using when it keeps records of a customer's rentals and gives a free rental after every 12th rental?

An individual who is thinking of buying a Wendy's franchise in London,Ontario,and is examining the employment statistics,area income levels,and local competition would be interested in which of the following fields?

Which of the following is the study of how a society uses scarce resources to produce and distribute goods and services?

What is a general upward movement of prices in the economy known as?

The unemployment rate is the percentage of the total work force that is not working but is engaged in which of the following activities?