Question 1

During a recession,business spending falls but consumer spending remains relatively unchanged.

Accepted Answer

A) True 
 B)False

Question 2

The graph showing the relationship between different prices and quantity sellers offer for sale at each price is called a demand curve.

Accepted Answer

A) True 
 B)False

Question 3

Control over price by individual firms is highest in a(n)________.

Accepted Answer

A)  regulated monopoly 
B)  oligopoly 
C)  pure monopoly 
D)  monopolistically competitive industry 
A)  regulated monopoly 
B)  oligopoly 
C)  pure monopoly 
D)  monopolistically competitive industry

Question 4

Under a capitalistic system,the government tends to favour a "hands-off" attitude towards controlling business.

Accepted Answer

A) True 
 B)False

Question 5

Entrepreneurs have the most economic freedom in which type of economy?

Accepted Answer

A)  communism 
B)  socialism 
C)  capitalism 
D)  mixed economy 
A)  communism 
B)  socialism 
C)  capitalism 
D)  mixed economy

Question 6

If buyers' incomes increase,the demand curve for most products will shift to the left.

Accepted Answer

A) True 
 B)False

Question 7

Under socialism,there is no private property.

Accepted Answer

A) True 
 B)False

Question 8

Hailey's research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences.Hailey's analysis involves the study of ________.

Accepted Answer

A)  economics 
B)  private enterprise system 
C)  microeconomics 
D)  macroeconomics 
A)  economics 
B)  private enterprise system 
C)  microeconomics 
D)  macroeconomics

Question 9

If buyers' incomes increase,the demand curve will shift to the ________ and the price will ________.

Accepted Answer

A)  right;fall 
B)  left;fall 
C)  right;rise 
D)  left;rise 
A)  right;fall 
B)  left;fall 
C)  right;rise 
D)  left;rise

Question 10

What is economics? Why is understanding economics important in your life?

Accepted Answer

Economics is a social science that analy

Question 11

The equilibrium price is established when the quantity ________.

Accepted Answer

A)  purchased is equal to the quantity offered 
B)  supplied is equal to the amount of raw materials available 
C)  bought is equal to the quantity demanded 
D)  demanded is equal to the quantity supplied at a lower price 
A)  purchased is equal to the quantity offered 
B)  supplied is equal to the amount of raw materials available 
C)  bought is equal to the quantity demanded 
D)  demanded is equal to the quantity supplied at a lower price

Question 12

Increased purchases of discretionary items,such as cars and vacations,are common during periods of recession.

Accepted Answer

A) True 
 B)False

Question 13

All of the following can shift the demand curve to either the right or left EXCEPT ________.

Accepted Answer

A)  change in the cost of inputs 
B)  change in the number of buyers 
C)  change in the income of buyers 
D)  buyers' attitudes about the future 
A)  change in the cost of inputs 
B)  change in the number of buyers 
C)  change in the income of buyers 
D)  buyers' attitudes about the future

Question 14

The use of government tax and spending policies to bring about desired changes in the economy is called _____.

Accepted Answer

A) Consumer Price Index (CPI) 
B) inflation 
C) gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)pure competition
I)supply
J)demand
K)productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly 
A) Consumer Price Index (CPI) 
B) inflation 
C) gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)pure competition
I)supply
J)demand
K)productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly

During a recession,business spending falls but consumer spending remains relatively unchanged.

The graph showing the relationship between different prices and quantity sellers offer for sale at each price is called a demand curve.

Control over price by individual firms is highest in a(n)________.

Under a capitalistic system,the government tends to favour a "hands-off" attitude towards controlling business.

Entrepreneurs have the most economic freedom in which type of economy?

If buyers' incomes increase,the demand curve for most products will shift to the left.

Under socialism,there is no private property.

Hailey's research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences.Hailey's analysis involves the study of ________.

If buyers' incomes increase,the demand curve will shift to the and the price will .

What is economics? Why is understanding economics important in your life?

The equilibrium price is established when the quantity ________.

Increased purchases of discretionary items,such as cars and vacations,are common during periods of recession.

All of the following can shift the demand curve to either the right or left EXCEPT ________.

The use of government tax and spending policies to bring about desired changes in the economy is called _____.

The Changing Face of Business

Business Ethics and Social Responsibility

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: The Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

Exam 3: Economic Challenges Facing Contemporary Business

During a recession,business spending falls but consumer spending remains relatively unchanged.

The graph showing the relationship between different prices and quantity sellers offer for sale at each price is called a demand curve.

Control over price by individual firms is highest in a(n)________.

Under a capitalistic system,the government tends to favour a "hands-off" attitude towards controlling business.

Entrepreneurs have the most economic freedom in which type of economy?

If buyers' incomes increase,the demand curve for most products will shift to the left.

Under socialism,there is no private property.

Hailey's research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences.Hailey's analysis involves the study of ________.

If buyers' incomes increase,the demand curve will shift to the ________ and the price will ________.

What is economics? Why is understanding economics important in your life?

The equilibrium price is established when the quantity ________.

Increased purchases of discretionary items,such as cars and vacations,are common during periods of recession.

All of the following can shift the demand curve to either the right or left EXCEPT ________.

The use of government tax and spending policies to bring about desired changes in the economy is called _____.

The Changing Face of Business

Business Ethics and Social Responsibility

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: The Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

If buyers' incomes increase,the demand curve will shift to the and the price will .