Question 1

Complete the following using the terms listed below:
-_____ is the sum of all goods and services produced within a country's borders.

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 2

______ is the relationship between the goods and services produced in a nation each year and workers, raw materials, and other inputs necessary to produce them.

Accepted Answer

A)  GDP (gross domestic product) 
B)  Per capita income 
C)  Prosperity 
D)  Productivity 
A)  GDP (gross domestic product) 
B)  Per capita income 
C)  Prosperity 
D)  Productivity

Question 3

Complete the following using the terms listed below:
-The point where the supply and demand curves meet is the _____.

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 4

An increase in customer preferences will shift the demand curve to the right.

Accepted Answer

A) True 
 B)False

Question 5

The Ontario Energy Board has been given the right to set electricity and natural gas prices in the province. This is an example of a

Accepted Answer

A)  monopoly. 
B)  oligopoly. 
C)  perfect competition. 
D)  regulated monopoly. 
A)  monopoly. 
B)  oligopoly. 
C)  perfect competition. 
D)  regulated monopoly.

Question 6

Barriers to entry into an industry are highest in ______.

Accepted Answer

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

Question 7

Distinguish between the demand curve and the supply curve.

Accepted Answer

The demand curve is a graph of the amoun

Question 8

List the factors that should cause a demand curve to shift to the right.

Accepted Answer

The factors are an increase in customer

Question 9

A country with a "mixed economy" is a combination of the private enterprise system and a planned economy.

Accepted Answer

A) True 
 B)False

Question 10

Assume the price of gasoline triples. What will likely happen to the demand for small cars? The demand curve will shift to the ______ and demand will ______.

Accepted Answer

A)  left; decrease 
B)  left; increase 
C)  right; decrease 
D)  right; increase 
A)  left; decrease 
B)  left; increase 
C)  right; decrease 
D)  right; increase

Question 11

If buyers' incomes increase, the demand curve will shift to the ______ and the price will ______.

Accepted Answer

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

Question 12

A typical demand curve slopes downward, which reflects that lower and lower prices attract larger and larger amounts purchased.

Accepted Answer

A) True 
 B)False

Question 13

The part of the U.S. federal government responsible for monetary policy is ______.

Accepted Answer

A)  the Federal Reserve System 
B)  Congress 
C)  the U.S. Treasury 
D)  the president 
A)  the Federal Reserve System 
B)  Congress 
C)  the U.S. Treasury 
D)  the president

Question 14

Incentives to motivate employees to perform at their highest level are strongest in ______ systems.

Accepted Answer

A)  capitalist 
B)  communist 
C)  socialist 
D)  monopolistic 
A)  capitalist 
B)  communist 
C)  socialist 
D)  monopolistic

Question 15

An expansionary monetary policy increases the supply of money in the system but a restrictive policy reduces the supply of money in the system to control rising prices.

Accepted Answer

A) True 
 B)False

Question 16

A demand curve is the schedule that shows the relationship between the price of a product and ______.

Accepted Answer

A)  overhead costs 
B)  the costs of marketing the product 
C)  the quantity of that product that buyers demand at that price 
D)  the quantity supplied at each price 
A)  overhead costs 
B)  the costs of marketing the product 
C)  the quantity of that product that buyers demand at that price 
D)  the quantity supplied at each price

Question 17

Most industrialized nations operate economies based on ______.

Accepted Answer

A)  planned economies 
B)  private enterprise systems 
C)  communist systems 
D)  socialist systems 
A)  planned economies 
B)  private enterprise systems 
C)  communist systems 
D)  socialist systems

Question 18

Which of the following statements about demand curves is true?

Accepted Answer

A)  When the price rises, demand increases. 
B)  When the price falls, demand decreases. 
C)  When the price falls, demand increases. 
D)  When the price falls, supply increases. 
A)  When the price rises, demand increases. 
B)  When the price falls, demand decreases. 
C)  When the price falls, demand increases. 
D)  When the price falls, supply increases.

Question 19

Assume that the Bank of Canada uses its available tools to push down interest rates. Economic activity should increase as a result.

Accepted Answer

A) True 
 B)False

Question 20

Capitalism also is referred to as a public enterprise system.

Accepted Answer

A) True 
 B)False

Complete the following using the terms listed below: -_____ is the sum of all goods and services produced within a country's borders.

______ is the relationship between the goods and services produced in a nation each year and workers, raw materials, and other inputs necessary to produce them.

Complete the following using the terms listed below: -The point where the supply and demand curves meet is the _____.

An increase in customer preferences will shift the demand curve to the right.

The Ontario Energy Board has been given the right to set electricity and natural gas prices in the province. This is an example of a

Barriers to entry into an industry are highest in ______.

Distinguish between the demand curve and the supply curve.

List the factors that should cause a demand curve to shift to the right.

A country with a "mixed economy" is a combination of the private enterprise system and a planned economy.

Assume the price of gasoline triples. What will likely happen to the demand for small cars? The demand curve will shift to the and demand will .

If buyers' incomes increase, the demand curve will shift to the and the price will .

A typical demand curve slopes downward, which reflects that lower and lower prices attract larger and larger amounts purchased.

The part of the U.S. federal government responsible for monetary policy is ______.

Incentives to motivate employees to perform at their highest level are strongest in ______ systems.

An expansionary monetary policy increases the supply of money in the system but a restrictive policy reduces the supply of money in the system to control rising prices.

A demand curve is the schedule that shows the relationship between the price of a product and ______.

Most industrialized nations operate economies based on ______.

Which of the following statements about demand curves is true?

Assume that the Bank of Canada uses its available tools to push down interest rates. Economic activity should increase as a result.

Capitalism also is referred to as a public enterprise system.

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

Complete the following using the terms listed below: -_____ is the sum of all goods and services produced within a country's borders.

______ is the relationship between the goods and services produced in a nation each year and workers, raw materials, and other inputs necessary to produce them.

Complete the following using the terms listed below: -The point where the supply and demand curves meet is the _____.

An increase in customer preferences will shift the demand curve to the right.

The Ontario Energy Board has been given the right to set electricity and natural gas prices in the province. This is an example of a

Barriers to entry into an industry are highest in ______.

Distinguish between the demand curve and the supply curve.

List the factors that should cause a demand curve to shift to the right.

A country with a "mixed economy" is a combination of the private enterprise system and a planned economy.

Assume the price of gasoline triples. What will likely happen to the demand for small cars? The demand curve will shift to the ______ and demand will ______.

If buyers' incomes increase, the demand curve will shift to the ______ and the price will ______.

A typical demand curve slopes downward, which reflects that lower and lower prices attract larger and larger amounts purchased.

The part of the U.S. federal government responsible for monetary policy is ______.

Incentives to motivate employees to perform at their highest level are strongest in ______ systems.

An expansionary monetary policy increases the supply of money in the system but a restrictive policy reduces the supply of money in the system to control rising prices.

A demand curve is the schedule that shows the relationship between the price of a product and ______.

Most industrialized nations operate economies based on ______.

Which of the following statements about demand curves is true?

Assume that the Bank of Canada uses its available tools to push down interest rates. Economic activity should increase as a result.

Capitalism also is referred to as a public enterprise system.

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

Assume the price of gasoline triples. What will likely happen to the demand for small cars? The demand curve will shift to the and demand will .

If buyers' incomes increase, the demand curve will shift to the and the price will .