Question 1

The four different types of market structure in a private enterprise system are ______.

Accepted Answer

A)  communism, socialism, capitalism, and mixed systems 
B)  pure competition, monopolistic competition, oligopoly, and monopoly 
C)  socialism, oligopoly, monopoly, and pure competition 
D)  mixed, socialism, communism, and pure competition 
A)  communism, socialism, capitalism, and mixed systems 
B)  pure competition, monopolistic competition, oligopoly, and monopoly 
C)  socialism, oligopoly, monopoly, and pure competition 
D)  mixed, socialism, communism, and pure competition

Question 2

When the Bank of Canada increases interest rates, the rate of inflation should increase because it will cost more to borrow money.

Accepted Answer

A) True 
 B)False

Question 3

Complete the following using the terms listed below:
-Price increases that reduce the amount of goods and services people can purchase with a given amount of money are the result of ______.

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

When there's shortage of products and services on the market, demand will increase more than the supply. This will cause prices to

Accepted Answer

A)  go down. 
B)  go up. 
C)  stay the same. 
D)  change. 
A)  go down. 
B)  go up. 
C)  stay the same. 
D)  change.

Question 5

______ has a blend of both planned and free enterprise system.

Accepted Answer

A)  Capitalism 
B)  Communism 
C)  A mixed market economy 
D)  A private government economy 
A)  Capitalism 
B)  Communism 
C)  A mixed market economy 
D)  A private government economy

Question 6

One of the twenty-first-century's major economic challenges is the shift to a global information economy.

Accepted Answer

A) True 
 B)False

Question 7

Deflation is ideal for consumers and strengthens a nation's economy.

Accepted Answer

A) True 
 B)False

Question 8

One example of an industry with high entry barriers is the airline industry.

Accepted Answer

A) True 
 B)False

Question 9

In most of Canada, electric utilities operate as regulated monopolies.

Accepted Answer

A) True 
 B)False

Question 10

The curve that shows the relationship between different prices and the quantity requested at each price is the ______ curve.

Accepted Answer

A)  equilibrium 
B)  supply 
C)  buying 
D)  demand 
A)  equilibrium 
B)  supply 
C)  buying 
D)  demand

Question 11

Canada has experienced several economic depressions since the 1930s.

Accepted Answer

A) True 
 B)False

Question 12

Macroeconomics deals with taxing and spending decisions made by governments.

Accepted Answer

A) True 
 B)False

Question 13

Under a capitalistic system, the government tends to favour a "hands-off" attitude toward controlling business.

Accepted Answer

A) True 
 B)False

Question 14

Lowering taxes is an example of fiscal policy.

Accepted Answer

A) True 
 B)False

Question 15

During recessions, both cyclical and seasonal unemployment rise.

Accepted Answer

A) True 
 B)False

Question 16

Complete the following using the terms listed below:
-Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

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 17

______ refers to the willingness and ability of buyers to purchase goods and services.

Accepted Answer

A)  Consumer behaviour 
B)  Customer preference 
C)  Supply 
D)  Demand 
A)  Consumer behaviour 
B)  Customer preference 
C)  Supply 
D)  Demand

Question 18

As the number of suppliers of a product increases, the supply curve shifts 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 19

A supply curve is a(n) ______.

Accepted Answer

A)  upward sloping curve 
B)  downward sloping curve 
C)  vertical line 
D)  horizontal line 
A)  upward sloping curve 
B)  downward sloping curve 
C)  vertical line 
D)  horizontal line

Question 20

Describe how worker incentives vary in each of the four economic systems.

Accepted Answer

In a capitalist system, considerable inc

The four different types of market structure in a private enterprise system are ______.

When the Bank of Canada increases interest rates, the rate of inflation should increase because it will cost more to borrow money.

Complete the following using the terms listed below: -Price increases that reduce the amount of goods and services people can purchase with a given amount of money are the result of ______.

When there's shortage of products and services on the market, demand will increase more than the supply. This will cause prices to

______ has a blend of both planned and free enterprise system.

One of the twenty-first-century's major economic challenges is the shift to a global information economy.

Deflation is ideal for consumers and strengthens a nation's economy.

One example of an industry with high entry barriers is the airline industry.

In most of Canada, electric utilities operate as regulated monopolies.

The curve that shows the relationship between different prices and the quantity requested at each price is the ______ curve.

Canada has experienced several economic depressions since the 1930s.

Macroeconomics deals with taxing and spending decisions made by governments.

Under a capitalistic system, the government tends to favour a "hands-off" attitude toward controlling business.

Lowering taxes is an example of fiscal policy.

During recessions, both cyclical and seasonal unemployment rise.

Complete the following using the terms listed below: -Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

______ refers to the willingness and ability of buyers to purchase goods and services.

As the number of suppliers of a product increases, the supply curve shifts to the and the price will .

A supply curve is a(n) ______.

Describe how worker incentives vary in each of the four economic systems.

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

The four different types of market structure in a private enterprise system are ______.

When the Bank of Canada increases interest rates, the rate of inflation should increase because it will cost more to borrow money.

Complete the following using the terms listed below: -Price increases that reduce the amount of goods and services people can purchase with a given amount of money are the result of ______.

When there's shortage of products and services on the market, demand will increase more than the supply. This will cause prices to

______ has a blend of both planned and free enterprise system.

One of the twenty-first-century's major economic challenges is the shift to a global information economy.

Deflation is ideal for consumers and strengthens a nation's economy.

One example of an industry with high entry barriers is the airline industry.

In most of Canada, electric utilities operate as regulated monopolies.

The curve that shows the relationship between different prices and the quantity requested at each price is the ______ curve.

Canada has experienced several economic depressions since the 1930s.

Macroeconomics deals with taxing and spending decisions made by governments.

Under a capitalistic system, the government tends to favour a "hands-off" attitude toward controlling business.

Lowering taxes is an example of fiscal policy.

During recessions, both cyclical and seasonal unemployment rise.

Complete the following using the terms listed below: -Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

______ refers to the willingness and ability of buyers to purchase goods and services.

As the number of suppliers of a product increases, the supply curve shifts to the ______ and the price will ______.

A supply curve is a(n) ______.

Describe how worker incentives vary in each of the four economic systems.

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

As the number of suppliers of a product increases, the supply curve shifts to the and the price will .