Exam 3: Economic Challenges Facing Contemporary Business

________ is an economic system in which private property is eliminated.

During the next two decades,a smaller percentage of older workers will reduce demands on employees for worker disability,retirement,and insurance.

Barriers to entry into an industry are highest in ________.

List five challenges to maintain global competitiveness.

Unless it is regulated or only temporary,the market situation called ________ is prohibited in Canada through antitrust legislation.

Forces of nature,such as a hurricane,can affect the supply curve.

A particular industry has many competitors,each of whom has little control over price.In addition,it is fairly easy to enter the industry.This industry is an example of ________.

Because energy and food prices fluctuate excessively from month to month,the Consumer Price Index (CPI)excludes these two variables.

The equilibrium price occurs at the point of intersection between the supply and demand curves.

________ is the relationship between the goods and services produced in a nation each year and workers,raw materials,and other inputs necessary to produce them.

Which type of unemployment typically lasts the longest?

The four types of unemployment are ________.

The sum of all goods and services produced within a nation's boundaries each year is the ________.

The core inflation rate includes the prices of all goods and services.

Economics deals only with the allocation of abundant resources by businesses.

The conversion of the postal service from government-owned and operated into privately held businesses would be an example of ________.

Most communist systems allow private ownership of less critical industries.

The part of the U.S.federal government responsible for monetary policy is ________.

Supply refers to buyers' willingness and ability to purchase goods and services.

Fiscal policy is used to increase or decrease the money supply,as well as change banking requirements and interest rates.