Exam 2: Economic Environment

What is the name of the business cycle that follows a recession?

What is the name of the business cycle that follows a recessionary one?

Gracie Burlesford works for a peach grower in southern Ontario. In July, Burlesford was laid off because of a drought. What type of unemployment is this?

The agricultural sector in Guatemala accounts for about one-quarter of the nation's GDP, two-thirds of its exports, and half of its labour force. This type of information would be revealed through which perspective?

If a government spends $2.7 billion on government programs, and receives revenues of $2.3 billion, what does the country have?

In a large metropolitan market, it is relatively easy to set up a law office. The ease of entry explains why you will find hundreds of lawyers listed in the Toronto phone book. Each lawyer is a close substitute for another but with slight differences. Which of the following market structures best describes the one in which lawyers operate?

Because Jonathon Li has recently quit his job at GMC and is currently seeking work in the computer business, he would be described as structurally unemployed.

In Canada, which of the following two items work together to guide the economy?

Each January, Lopez is laid off as soon as Christmas is over. She will be hired back sometime during the summer. In terms of unemployment, Lopez is a good example of which type of unemployment?

List the four types of unemployment.

The total market value of all final goods and services produced within a country's borders each year is referred to as gross domestic product (GDP).

Imagine that you were reading an international marketing text in which you learned that the GDP for one of the former members of the Soviet Union was $1.56 billion. A few pages later in the same text, the book states that that nation's real GDP was $800,000. From reading this information, what could you conclude?

The number of suppliers in a market is called market structure.

If Parks Canada spends money on promoting the use of national parks as perfect sites for a summer vacation, then motels, campgrounds, and other tourist attractions in the private sector may become less attractive to consumers. If, as a result of the promotion, consumers spent more money on trips to the national parks and less money in the private sector for their vacations, what would have occurred?

Which of the following represent two types of inflation?

What is fiscal policy concerned with?

The higher the price of a good or service, the greater the amount a producer is willing to supply.

The factors of production are the goods produced by a manufacturing facility.

Which direction represents the slope of the demand curve?

If NBPower supplies all of the electricity to New Brunswick, NBPower is an example of which of the following?