Exam 2: Economic Environment

What is the definition of microeconomics?

There are more companies in a monopolistic competition than in an oligopoly.

In which type of market structure can few sellers exert substantial control over prices?

The purchase of savings bonds by individuals allows the government to do what?

Which of the following is an example of a factor of production?

When Parliament passes a law to raise individual tax rates, it is creating fiscal policy.

Full employment is having jobs for all who want to work and can work. Full employment is never 100% but is defined by the government as which percentage?

At the equilibrium point, quantity demanded equals quantity supplied.

It takes four consecutive quarters of decline in the GDP for economists to consider the economy to be in a recession.

A retailer of computer games can focus on relationship management by engaging in which of the following practices?

Which of the following is the most basic measure of economic growth?

Which type of economy does Canada have?

Which of the following terms refers to a market in which there are a large number of companies that differentiate their products?

Which type of unemployment is related to the ups and downs of the economy?

Which of these is an index of the prices of a shopping basket of goods and services as published monthly by Statistics Canada?

Which concept represents the quantity of a good or service that people are willing to buy at various prices?

When a single company accounts for 100 percent of industry sales, it is an example of which type of market structure?

What is the definition of macroeconomics?

For most agricultural products, farmers produce homogeneous products, sell them to a common market, and generally cannot affect prices greatly. This is an example of which kind of market structure?

List the four types of market structures.