Exam 2: Economic Environment

When Mary Robb purchased a dozen cupcakes for her son's birthday party, she was pleasantly surprised to find the box contained 13 cupcakes instead of the 12 she had paid for. The bakery used this technique to accomplish which of the following?

When an analyst is evaluating the construction industry in terms of interest rates, employment cycles, and the rate of new home building nationwide, he is looking at microeconomics.

Which of the following is a form of unemployment?

The state of the economy affects which two groups?

If one of the reasons for the growing inflation rate is due to increases in production costs of goods and services that occurred as a result of a decline in a suitable labour force, this would be an example of which type of inflation?

For a time, only Xerox could produce dry-paper copiers because Xerox held all the patents on the process. Until the patents expire, Xerox could be said to operate in which type of market structure?

No true examples of a pure monopoly exist today.

If you were told the output of goods and services produced in Luxembourg had increased by 6 percent in 2010, you would correctly refer to this increase as which type of growth?

Full employment means all those who want to work are employed.

To examine how the sectors of the economy interact, you should think in terms of which of the following figures?

What is a decline in real GDP for at least two consecutive quarters?

Which one characteristic most clearly defines a market structure?

Using fiscal policy, how can the government stimulate the economy?

The implementation of a contractionary policy by the Bank of Canada would result in which of the following?

Which of the following statements about demand and supply accurately describes the direction one of the curves will take if one variable is altered?

As soon as Kazakhstan, a former member of the Soviet Union, had experienced two consecutive quarterly declines in its gross national product, Kazakhstan was in which economic situation?

An industry in which a few companies produce most or all of the output of a product and in which large amounts of capital are needed is known as which of the following?

A market economy is also known as capitalism.

Which type of inflation occurs when the demand for goods and services is greater than the supply?

What is the term used to describe the point at which customers' demands for a product equal the amount made available by the producer?