Question 1

Monopolistic competition has ________.

Accepted Answer

A)  only one seller 
B)  many buyers and sellers,none of whom can control prices 
C)  only a few sellers 
D)  many buyers and sellers,and the sellers have some control over price 
A)  only one seller 
B)  many buyers and sellers,none of whom can control prices 
C)  only a few sellers 
D)  many buyers and sellers,and the sellers have some control over price

Question 2

When the supply curve shifts to the left and the demand curve remains unchanged,the price for the product or service will fall.

Accepted Answer

A) True 
 B)False

Question 3

Describe how worker incentives vary in each of the four economic systems.

Accepted Answer

In a capitalist system,considerable ince

Question 4

_____ measures the monthly average change in prices of goods and services.

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 5

_____ refers to the willingness and ability of buyers to purchase goods and services at various prices.

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 6

During a(n)_____,consumers frequently postpone major purchases and shift buying patterns toward basic,functional products carrying low prices.

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

What is fiscal policy? How does fiscal policy affect economic conditions?

Accepted Answer

Fiscal policy deals with taxing and spen

Question 8

Distinguish between demand-pull inflation and cost-push inflation.Give an example of each.

Accepted Answer

Dem and-pull inflation is caused by an i

Question 9

Because there are only a few manufacturers of computer chips,the product is sold in the pure competition market.

Accepted Answer

A) True 
 B)False

Question 10

In a mixed economy,public enterprises are expected to lose money.

Accepted Answer

A) True 
 B)False

Question 11

An increase in consumers' incomes causes the ________.

Accepted Answer

A)  supply curve to shift to the right 
B)  demand curve to shift to the right 
C)  supply curve to shift to the left 
D)  demand curve to shift to the left 
A)  supply curve to shift to the right 
B)  demand curve to shift to the right 
C)  supply curve to shift to the left 
D)  demand curve to shift to the left

Question 12

A country has a strong private sector,along with publicly owned enterprises.Entrepreneurs and private-sector investors are entitled to profits,after taxes,and even state-owned enterprises are expected to at least break even.What type of economic system does this country have?

Accepted Answer

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

Question 13

A shortage will occur when ________.

Accepted Answer

A)  production quantities are rising 
B)  prices are falling 
C)  prices are below the equilibrium point 
D)  the demand curve is shifting to the left 
A)  production quantities are rising 
B)  prices are falling 
C)  prices are below the equilibrium point 
D)  the demand curve is shifting to the left

Question 14

Assume that the Bank of Canada uses its available tools to push down interest rates.Economic activity should increase as a result.

Accepted Answer

A) True 
 B)False

Question 15

________ has a blend of both planned and free enterprise system.

Accepted Answer

A)  Capitalism 
B)  Communism 
C)  A mixed market economy 
D)  A private government economy 
A)  Capitalism 
B)  Communism 
C)  A mixed market economy 
D)  A private government economy

Question 16

________ provides a running measure of consumer price changes.

Accepted Answer

A)  The Consumer Price Index (CPI) 
B)  Devaluation 
C)  Per capita income 
D)  The Producer Price Index (PPI) 
A)  The Consumer Price Index (CPI) 
B)  Devaluation 
C)  Per capita income 
D)  The Producer Price Index (PPI)

Question 17

The Canadian population is ________.

Accepted Answer

A)  getting older 
B)  less diverse that it was 30 years ago 
C)  declining 
D)  expanding too rapidly 
A)  getting older 
B)  less diverse that it was 30 years ago 
C)  declining 
D)  expanding too rapidly

Question 18

Assume that the federal government raises taxes in order to balance its budget.This action will tend to slow the rate of economic growth.

Accepted Answer

A) True 
 B)False

Question 19

Describe the four categories of unemployment.

Accepted Answer

The four categories of unemployment are:

Question 20

If the number of suppliers of a particular product increases,so should the quantity supplied,and the price should fall.

Accepted Answer

A) True 
 B)False

Monopolistic competition has ________.

When the supply curve shifts to the left and the demand curve remains unchanged,the price for the product or service will fall.

Describe how worker incentives vary in each of the four economic systems.

_____ measures the monthly average change in prices of goods and services.

_____ refers to the willingness and ability of buyers to purchase goods and services at various prices.

During a(n)_____,consumers frequently postpone major purchases and shift buying patterns toward basic,functional products carrying low prices.

What is fiscal policy? How does fiscal policy affect economic conditions?

Distinguish between demand-pull inflation and cost-push inflation.Give an example of each.

Because there are only a few manufacturers of computer chips,the product is sold in the pure competition market.

In a mixed economy,public enterprises are expected to lose money.

An increase in consumers' incomes causes the ________.

A country has a strong private sector,along with publicly owned enterprises.Entrepreneurs and private-sector investors are entitled to profits,after taxes,and even state-owned enterprises are expected to at least break even.What type of economic system does this country have?

A shortage will occur when ________.

Assume that the Bank of Canada uses its available tools to push down interest rates.Economic activity should increase as a result.

________ has a blend of both planned and free enterprise system.

________ provides a running measure of consumer price changes.

The Canadian population is ________.

Assume that the federal government raises taxes in order to balance its budget.This action will tend to slow the rate of economic growth.

Describe the four categories of unemployment.

If the number of suppliers of a particular product increases,so should the quantity supplied,and the price should fall.

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

Monopolistic competition has ________.

When the supply curve shifts to the left and the demand curve remains unchanged,the price for the product or service will fall.

Describe how worker incentives vary in each of the four economic systems.

_____ measures the monthly average change in prices of goods and services.

_____ refers to the willingness and ability of buyers to purchase goods and services at various prices.

During a(n)_____,consumers frequently postpone major purchases and shift buying patterns toward basic,functional products carrying low prices.

What is fiscal policy? How does fiscal policy affect economic conditions?

Distinguish between demand-pull inflation and cost-push inflation.Give an example of each.

Because there are only a few manufacturers of computer chips,the product is sold in the pure competition market.

In a mixed economy,public enterprises are expected to lose money.

An increase in consumers' incomes causes the ________.

A country has a strong private sector,along with publicly owned enterprises.Entrepreneurs and private-sector investors are entitled to profits,after taxes,and even state-owned enterprises are expected to at least break even.What type of economic system does this country have?

A shortage will occur when ________.

Assume that the Bank of Canada uses its available tools to push down interest rates.Economic activity should increase as a result.

________ has a blend of both planned and free enterprise system.

________ provides a running measure of consumer price changes.

The Canadian population is ________.

Assume that the federal government raises taxes in order to balance its budget.This action will tend to slow the rate of economic growth.

Describe the four categories of unemployment.

If the number of suppliers of a particular product increases,so should the quantity supplied,and the price should fall.

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