Question 1

It is predicted that by the year 2030, the median age of the Canadian population will be 44.

Accepted Answer

A) True 
 B)False

Question 2

Under socialism, there is no private property.

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Mention and explain the four different types of unemployment discussed in the chapter. Which of the four is the most serious?

Accepted Answer

The four types of unemployment are:
Fric

Question 5

Complete the following using the terms listed below:
-In a(n) _____, a single seller dominates trade in a product for which buyers can find no close substitute.

Accepted Answer

A) Consumer Price Index (CPI) 
B) inflation 
C) gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)pure competition
I)supply
J)demand
K)productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly 
A) Consumer Price Index (CPI) 
B) inflation 
C) gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)pure competition
I)supply
J)demand
K)productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly

Question 6

According to a supply curve, ______.

Accepted Answer

A)  as prices rise, quantity of a product supplied falls 
B)  as prices fall, quantity of a product supplied increases 
C)  as prices rise, consumers will buy in larger quantities 
D)  as prices rise, the quantity of a product that is supplied also rises 
A)  as prices rise, quantity of a product supplied falls 
B)  as prices fall, quantity of a product supplied increases 
C)  as prices rise, consumers will buy in larger quantities 
D)  as prices rise, the quantity of a product that is supplied also rises

Question 7

Supply and demand can be used to correct a shortage by ______.

Accepted Answer

A)  reducing the product price to decrease production 
B)  raising the price to decrease production 
C)  keeping the price the same but decreasing production 
D)  raising the price to increase production 
A)  reducing the product price to decrease production 
B)  raising the price to decrease production 
C)  keeping the price the same but decreasing production 
D)  raising the price to increase production

Question 8

Before the patent expired on allergy medicine Claritin, pharmaceutical company Schering-Plough was able to set its own price in the marketplace. From which type of competition did the company benefit?

Accepted Answer

A)  oligopoly 
B)  pure competition 
C)  monopolistic competition 
D)  monopoly 
A)  oligopoly 
B)  pure competition 
C)  monopolistic competition 
D)  monopoly

Question 9

The business cycle provides an indication of economic health of an economy.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

If the price of Coke decreases and that of Pepsi stays the same, the demand curve for Pepsi will shift to the ______ and the price will ______.

Accepted Answer

A)  right; fall 
B)  right; rise 
C)  left; fall 
D)  left; rise 
A)  right; fall 
B)  right; rise 
C)  left; fall 
D)  left; rise

Question 12

A balanced budget occurs when ______.

Accepted Answer

A)  all of the national debt is repaid 
B)  taxes, fees, and borrowings are equal to government spending for the year 
C)  taxes and fees equal all government spending except for capital expenditures 
D)  all federal taxes and fees equal all federal government spending 
A)  all of the national debt is repaid 
B)  taxes, fees, and borrowings are equal to government spending for the year 
C)  taxes and fees equal all government spending except for capital expenditures 
D)  all federal taxes and fees equal all federal government spending

Question 13

Describe the four categories of unemployment.

Accepted Answer

The four categories of unemployment are:

Question 14

Define the Consumer Price Index, and explain how it is measured.

Accepted Answer

The Consumer Price Index measures the mo

Question 15

Giant oil companies such as BP (British Petroleum) and ExxonMobil are engaged in oligopoly competition.

Accepted Answer

A) True 
 B)False

Question 16

A slowdown in China's economy is the problem of the Chinese government and the Chinese people. Other countries need NOT worry about an economic situation in other countries.

Accepted Answer

A) True 
 B)False

Question 17

Fiscal policy is used primarily to increase or decrease interest rates.

Accepted Answer

A) True 
 B)False

Question 18

Fiscal policy ______.

Accepted Answer

A)  reduces the money supply 
B)  increases the money supply 
C)  always results in increasing the national debt 
D)  can be used to increase economic activity 
A)  reduces the money supply 
B)  increases the money supply 
C)  always results in increasing the national debt 
D)  can be used to increase economic activity

Question 19

List the factors that should cause a supply curve to shift to the left.

Accepted Answer

The factors are an increase in

Question 20

All of the following can shift the demand curve to either the right or left EXCEPT ______.

Accepted Answer

A)  change in the cost of inputs 
B)  change in the number of buyers 
C)  change in the income of buyers 
D)  buyers' attitudes about the future 
A)  change in the cost of inputs 
B)  change in the number of buyers 
C)  change in the income of buyers 
D)  buyers' attitudes about the future

It is predicted that by the year 2030, the median age of the Canadian population will be 44.

Under socialism, there is no private property.

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

Mention and explain the four different types of unemployment discussed in the chapter. Which of the four is the most serious?

Complete the following using the terms listed below: -In a(n) _____, a single seller dominates trade in a product for which buyers can find no close substitute.

According to a supply curve, ______.

Supply and demand can be used to correct a shortage by ______.

Before the patent expired on allergy medicine Claritin, pharmaceutical company Schering-Plough was able to set its own price in the marketplace. From which type of competition did the company benefit?

The business cycle provides an indication of economic health of an economy.

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

If the price of Coke decreases and that of Pepsi stays the same, the demand curve for Pepsi will shift to the and the price will .

A balanced budget occurs when ______.

Describe the four categories of unemployment.

Define the Consumer Price Index, and explain how it is measured.

Giant oil companies such as BP (British Petroleum) and ExxonMobil are engaged in oligopoly competition.

A slowdown in China's economy is the problem of the Chinese government and the Chinese people. Other countries need NOT worry about an economic situation in other countries.

Fiscal policy is used primarily to increase or decrease interest rates.

Fiscal policy ______.

List the factors that should cause a supply curve to shift to the left.

All of the following can shift the demand curve to either the right or left EXCEPT ______.

The Changing Face of Business

Business Ethics and Social Responsibility

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

Exam 3: Economic Challenges Facing Contemporary Business

It is predicted that by the year 2030, the median age of the Canadian population will be 44.

Under socialism, there is no private property.

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

Mention and explain the four different types of unemployment discussed in the chapter. Which of the four is the most serious?

Complete the following using the terms listed below: -In a(n) _____, a single seller dominates trade in a product for which buyers can find no close substitute.

According to a supply curve, ______.

Supply and demand can be used to correct a shortage by ______.

Before the patent expired on allergy medicine Claritin, pharmaceutical company Schering-Plough was able to set its own price in the marketplace. From which type of competition did the company benefit?

The business cycle provides an indication of economic health of an economy.

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

If the price of Coke decreases and that of Pepsi stays the same, the demand curve for Pepsi will shift to the ______ and the price will ______.

A balanced budget occurs when ______.

Describe the four categories of unemployment.

Define the Consumer Price Index, and explain how it is measured.

Giant oil companies such as BP (British Petroleum) and ExxonMobil are engaged in oligopoly competition.

A slowdown in China's economy is the problem of the Chinese government and the Chinese people. Other countries need NOT worry about an economic situation in other countries.

Fiscal policy is used primarily to increase or decrease interest rates.

Fiscal policy ______.

List the factors that should cause a supply curve to shift to the left.

All of the following can shift the demand curve to either the right or left EXCEPT ______.

The Changing Face of Business

Business Ethics and Social Responsibility

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labour Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

If the price of Coke decreases and that of Pepsi stays the same, the demand curve for Pepsi will shift to the and the price will .