Question 1

A shortage will occur if the market price is below the equilibrium price.

Accepted Answer

A) True 
 B)False

Question 2

A country with a "mixed economy" is a combination of the private enterprise system and a planned economy.

Accepted Answer

A) True 
 B)False

Question 3

The point where the supply and demand curves meet is the _____.

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 4

The amount of goods and services available at various prices is known as _____________.

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

Equilibrium price refers to the intersection of the supply and demand curves.

Accepted Answer

A) True 
 B)False

Question 6

Socialism is one of the four market structures found in a private enterprise system.

Accepted Answer

A) True 
 B)False

Question 7

Williams & Co.management is trying to decide the appropriate prices for various products sold by the firm.This is a focus of ________.

Accepted Answer

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

Question 8

Canada has experienced several economic depressions since the 1930s.

Accepted Answer

A) True 
 B)False

Question 9

Assume that the number of people wanting to buy homes increases sharply in your local area.The price of homes will likely ________,which is an example of ________.

Accepted Answer

A)  increase;cost-push inflation 
B)  decrease;cost-push inflation 
C)  increase;demand-pull inflation 
D)  decrease;demand-pull inflation 
A)  increase;cost-push inflation 
B)  decrease;cost-push inflation 
C)  increase;demand-pull inflation 
D)  decrease;demand-pull inflation

Question 10

The study of small economic units,such as individual consumers,families,and businesses,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 11

One example of an industry with high entry barriers is the airline industry.

Accepted Answer

A) True 
 B)False

Question 12

During an economic recession,consumer spending ________ and unemployment ________.

Accepted Answer

A)  increases;increases 
B)  increases;decreases 
C)  decreases;increases 
D)  decreases;decreases 
A)  increases;increases 
B)  increases;decreases 
C)  decreases;increases 
D)  decreases;decreases

Question 13

Microeconomics and macroeconomics are interrelated.

Accepted Answer

A) True 
 B)False

Question 14

Giant oil companies such as BP (British Petroleum)and ExxonMobil are engaged in oligopoly competition.

Accepted Answer

A) True 
 B)False

Question 15

In the recovery stage of the business cycle,the economy emerges from recession.

Accepted Answer

A) True 
 B)False

Question 16

When a manager tries to predict prices and quantities that will be sold,he or she is dealing with microeconomics.

Accepted Answer

A) True 
 B)False

Question 17

In a mixed economy,private firms do not compete with public enterprises.

Accepted Answer

A) True 
 B)False

Question 18

________ is a commonly used measure of productivity.

Accepted Answer

A)  GDP (gross domestic product) 
B)  Prosperity 
C)  The business cycle 
D)  The average wage 
A)  GDP (gross domestic product) 
B)  Prosperity 
C)  The business cycle 
D)  The average wage

Question 19

An oligopoly is a market situation where there are only a few sellers of a good or service.

Accepted Answer

A) True 
 B)False

Question 20

The four different types of market structure in a private enterprise system are ________.

Accepted Answer

A)  communism,socialism,capitalism,and mixed systems 
B)  pure competition,monopolistic competition,oligopoly,and monopoly 
C)  socialism,oligopoly,monopoly,and pure competition 
D)  mixed,socialism,communism,and pure competition 
A)  communism,socialism,capitalism,and mixed systems 
B)  pure competition,monopolistic competition,oligopoly,and monopoly 
C)  socialism,oligopoly,monopoly,and pure competition 
D)  mixed,socialism,communism,and pure competition

A shortage will occur if the market price is below the equilibrium price.

A country with a "mixed economy" is a combination of the private enterprise system and a planned economy.

The point where the supply and demand curves meet is the _____.

The amount of goods and services available at various prices is known as _____________.

Equilibrium price refers to the intersection of the supply and demand curves.

Socialism is one of the four market structures found in a private enterprise system.

Williams & Co.management is trying to decide the appropriate prices for various products sold by the firm.This is a focus of ________.

Canada has experienced several economic depressions since the 1930s.

Assume that the number of people wanting to buy homes increases sharply in your local area.The price of homes will likely ,which is an example of .

The study of small economic units,such as individual consumers,families,and businesses,is called _____________.

One example of an industry with high entry barriers is the airline industry.

During an economic recession,consumer spending and unemployment .

Microeconomics and macroeconomics are interrelated.

Giant oil companies such as BP (British Petroleum)and ExxonMobil are engaged in oligopoly competition.

In the recovery stage of the business cycle,the economy emerges from recession.

When a manager tries to predict prices and quantities that will be sold,he or she is dealing with microeconomics.

In a mixed economy,private firms do not compete with public enterprises.

________ is a commonly used measure of productivity.

An oligopoly is a market situation where there are only a few sellers of a good or service.

The four different types of market structure in a private enterprise system are ________.

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

A shortage will occur if the market price is below the equilibrium price.

A country with a "mixed economy" is a combination of the private enterprise system and a planned economy.

The point where the supply and demand curves meet is the _____.

The amount of goods and services available at various prices is known as _____________.

Equilibrium price refers to the intersection of the supply and demand curves.

Socialism is one of the four market structures found in a private enterprise system.

Williams & Co.management is trying to decide the appropriate prices for various products sold by the firm.This is a focus of ________.

Canada has experienced several economic depressions since the 1930s.

Assume that the number of people wanting to buy homes increases sharply in your local area.The price of homes will likely ________,which is an example of ________.

The study of small economic units,such as individual consumers,families,and businesses,is called _____________.

One example of an industry with high entry barriers is the airline industry.

During an economic recession,consumer spending ________ and unemployment ________.

Microeconomics and macroeconomics are interrelated.

Giant oil companies such as BP (British Petroleum)and ExxonMobil are engaged in oligopoly competition.

In the recovery stage of the business cycle,the economy emerges from recession.

When a manager tries to predict prices and quantities that will be sold,he or she is dealing with microeconomics.

In a mixed economy,private firms do not compete with public enterprises.

________ is a commonly used measure of productivity.

An oligopoly is a market situation where there are only a few sellers of a good or service.

The four different types of market structure in a private enterprise system are ________.

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

Assume that the number of people wanting to buy homes increases sharply in your local area.The price of homes will likely ,which is an example of .

During an economic recession,consumer spending and unemployment .