Exam 2: Economic Environment

China is a planned economy with very few entrepreneurs.

Which of the following is the study of the economy as a whole, looking at aggregate data for large groups of people, companies, or products?

Which of the following directions describe the slope of the supply curve?

Josh Loachim quit his job in advertising in Toronto and moved to Calgary, where he is actively seeking employment. This is an example of which type of unemployment?

If, in 2010, 7.5 percent of a country's total workforce was not working, but was actively seeking employment, which national figure does this 7.5 percent represent?

Within a country's borders each year, the sum market value of all final goods and services produced is referred to as which of the following?

When the government raises taxes on consumers and businesses, it is dealing with which type of policy?

In perfect competition, which of the following conditions exists?

Leo Yoder lost his job as a result of a recession and would be described as experiencing cyclical unemployment.

Which of the following is a way for a company to double its profits?

Which of the following occurs if a country's total expenditures are higher than the revenues received from the taxes it gathers?

The labourers displaced due to assembly-line automation may not have the skills needed to operate the computerized machines that replaced them. This is an example of which type of unemployment?

In the middle of the mountains in northern BC, there are five service stations competing for all the business that exists in this isolated location. When one service station lowers its price on gas, all must follow suit. These service stations are operating in which type of market structure?

A strategic alliance is sometimes called which of the following?

Every time Tom buys a litre of milk he gets a stamp, which he sticks on a card he carries in his wallet. When he has 10 stamps, he gets a free litre of milk. This sort of program to encourage repeat business is a good example of which of the following?

List the two types of inflation.

What is the term used to describe what is happening when the government spends more on public transportation, and as a result, individuals spend less on private transportation?

Which type of inflation is triggered by increases in production that push up the costs of final goods and services?

Which is an example of a factor of production?

When the government decides to cut military spending, which type of policy is it implementing?