Question 1

Supply and demand can be used to correct a shortage by ________.

Accepted Answer

A)  reducing the product price to decrease production 
B)  raising the price to decrease production 
C)  keeping the price the same but decreasing production 
D)  raising the price to increase production 
A)  reducing the product price to decrease production 
B)  raising the price to decrease production 
C)  keeping the price the same but decreasing production 
D)  raising the price to increase production

Question 2

The study of macroeconomics is ________.

Accepted Answer

A)  not related to microeconomics 
B)  primarily concerned with individual businesses and decisions 
C)  concerned with studying the overall economy 
D)  not related to government decisions concerning spending and taxes 
A)  not related to microeconomics 
B)  primarily concerned with individual businesses and decisions 
C)  concerned with studying the overall economy 
D)  not related to government decisions concerning spending and taxes

Question 3

Changes in overall government spending have a macroeconomic effect.

Accepted Answer

A) True 
 B)False

Question 4

List the factors that should cause a demand curve to shift to the right.

Accepted Answer

The factors are an increase in customer

Question 5

A supply curve is a(n)________.

Accepted Answer

A)  upward sloping curve 
B)  downward sloping curve 
C)  vertical line 
D)  horizontal line 
A)  upward sloping curve 
B)  downward sloping curve 
C)  vertical line 
D)  horizontal line

Question 6

_____ is a market structure characterized by a large number of buyers and sellers exchanging relatively homogenous products,with no single participant having a significant influence on price.

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

Question 7

The price of gasoline rises sharply.One likely outcome is that the demand curve for hybrid vehicles should shift downward and to the left.

Accepted Answer

A) True 
 B)False

Question 8

Attempting to bring about changes in economic activity through changes in the size of the nation's money supply 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

Question 9

Not-for-profit organizations must make economic decisions.

Accepted Answer

A) True 
 B)False

Question 10

Assume the number of new home buyers suddenly increases.The demand curve for homes will likely shift upward and to the right.

Accepted Answer

A) True 
 B)False

Question 11

________ is the study of the economic choices of individual consumers,families,or businesses.

Accepted Answer

A)  Macroeconomics 
B)  Microeconomics 
C)  Entrepreneurship 
D)  Consumer behaviour 
A)  Macroeconomics 
B)  Microeconomics 
C)  Entrepreneurship 
D)  Consumer behaviour

Question 12

Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.

Accepted Answer

A) True 
 B)False

Question 13

Natural resources include technology,tools,information,physical facilities,and financial capabilities.

Accepted Answer

A) True 
 B)False

Question 14

Describe the major differences between socialism and a mixed economic system.

Accepted Answer

In a socialist economy,the government ow

Question 15

Consumers can choose from hundreds of different kinds and producers of cheese,each with a slightly different flavour and texture.This type of market structure is known as ________.

Accepted Answer

A)  pure competition 
B)  monopolistic competition 
C)  a monopoly 
D)  an oligopoly 
A)  pure competition 
B)  monopolistic competition 
C)  a monopoly 
D)  an oligopoly

Question 16

A(n)_____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

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

Question 17

A long-term tax on a product is eliminated.The supply curve should shift upward and to the right,and the price of that product will typically rise.

Accepted Answer

A) True 
 B)False

Question 18

If the cost of producing a good or service increases,the supply curve will shift to the ________ and the price will ________.

Accepted Answer

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

Question 19

In a ________ system,the government owns all of the nation's major industries but still allows private ownership in less crucial areas.

Accepted Answer

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

Question 20

Concerning a balanced budget,all of the following statements are correct EXCEPT:

Accepted Answer

A)  A balanced budget does not mean an end to the federal debt. 
B)  The federal government has rarely balanced its budget during the last 50 years. 
C)  Balanced budgets will result in lower interest rates to all private borrowers. 
D)  A balanced budget is achieved when all tax receipts equal all spending in a particular year. 
A)  A balanced budget does not mean an end to the federal debt. 
B)  The federal government has rarely balanced its budget during the last 50 years. 
C)  Balanced budgets will result in lower interest rates to all private borrowers. 
D)  A balanced budget is achieved when all tax receipts equal all spending in a particular year.

Supply and demand can be used to correct a shortage by ________.

The study of macroeconomics is ________.

Changes in overall government spending have a macroeconomic effect.

List the factors that should cause a demand curve to shift to the right.

A supply curve is a(n)________.

_____ is a market structure characterized by a large number of buyers and sellers exchanging relatively homogenous products,with no single participant having a significant influence on price.

The price of gasoline rises sharply.One likely outcome is that the demand curve for hybrid vehicles should shift downward and to the left.

Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

Not-for-profit organizations must make economic decisions.

Assume the number of new home buyers suddenly increases.The demand curve for homes will likely shift upward and to the right.

________ is the study of the economic choices of individual consumers,families,or businesses.

Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.

Natural resources include technology,tools,information,physical facilities,and financial capabilities.

Describe the major differences between socialism and a mixed economic system.

Consumers can choose from hundreds of different kinds and producers of cheese,each with a slightly different flavour and texture.This type of market structure is known as ________.

A(n)_____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

A long-term tax on a product is eliminated.The supply curve should shift upward and to the right,and the price of that product will typically rise.

If the cost of producing a good or service increases,the supply curve will shift to the and the price will .

In a ________ system,the government owns all of the nation's major industries but still allows private ownership in less crucial areas.

Concerning a balanced budget,all of the following statements are correct EXCEPT:

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

Supply and demand can be used to correct a shortage by ________.

The study of macroeconomics is ________.

Changes in overall government spending have a macroeconomic effect.

List the factors that should cause a demand curve to shift to the right.

A supply curve is a(n)________.

_____ is a market structure characterized by a large number of buyers and sellers exchanging relatively homogenous products,with no single participant having a significant influence on price.

The price of gasoline rises sharply.One likely outcome is that the demand curve for hybrid vehicles should shift downward and to the left.

Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

Not-for-profit organizations must make economic decisions.

Assume the number of new home buyers suddenly increases.The demand curve for homes will likely shift upward and to the right.

________ is the study of the economic choices of individual consumers,families,or businesses.

Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.

Natural resources include technology,tools,information,physical facilities,and financial capabilities.

Describe the major differences between socialism and a mixed economic system.

Consumers can choose from hundreds of different kinds and producers of cheese,each with a slightly different flavour and texture.This type of market structure is known as ________.

A(n)_____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

A long-term tax on a product is eliminated.The supply curve should shift upward and to the right,and the price of that product will typically rise.

If the cost of producing a good or service increases,the supply curve will shift to the ________ and the price will ________.

In a ________ system,the government owns all of the nation's major industries but still allows private ownership in less crucial areas.

Concerning a balanced budget,all of the following statements are correct EXCEPT:

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 the cost of producing a good or service increases,the supply curve will shift to the and the price will .