Question 1

______ is an economic system in which private property is eliminated.

Accepted Answer

A)  socialism 
B)  capitalism 
C)  monopoly 
D)  communism 
A)  socialism 
B)  capitalism 
C)  monopoly 
D)  communism

Question 2

In Canada, monetary policy is largely controlled by The House of Commons.

Accepted Answer

A) True 
 B)False

Question 3

Entrepreneurs have the most economic freedom in which type of economy?

Accepted Answer

A)  communism 
B)  socialism 
C)  capitalism 
D)  mixed economy 
A)  communism 
B)  socialism 
C)  capitalism 
D)  mixed economy

Question 4

Complete the following using the terms listed below:
-_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

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 5

Natural monopolies often are industries with high entry barriers.

Accepted Answer

A) True 
 B)False

Question 6

What is economics? Why is understanding economics important in your life?

Accepted Answer

Economics is a social science that analy

Question 7

Socialism is one of the four market structures found in a private enterprise system.

Accepted Answer

A) True 
 B)False

Question 8

The three major types of economic systems are ______.

Accepted Answer

A)  capitalism, planned economies, and mixed economies 
B)  capitalism, pure competition, and planned economies 
C)  capitalism, monopoly, and mixed economies 
D)  capitalism, oligopoly, and planned economies 
A)  capitalism, planned economies, and mixed economies 
B)  capitalism, pure competition, and planned economies 
C)  capitalism, monopoly, and mixed economies 
D)  capitalism, oligopoly, and planned economies

Question 9

______ is the study of the economic choices of individual consumers, families, or businesses.

Accepted Answer

A)  Macroeconomics 
B)  Microeconomics 
C)  Entrepreneurship 
D)  Consumer behaviour 
A)  Macroeconomics 
B)  Microeconomics 
C)  Entrepreneurship 
D)  Consumer behaviour

Question 10

In general, as price of a good or service increases, the quantity demanded

Accepted Answer

A)  increases. 
B)  decreases. 
C)  stays the same. 
D)  depends on the type of product or service. 
A)  increases. 
B)  decreases. 
C)  stays the same. 
D)  depends on the type of product or service.

Question 11

Monopolistic competition differs from pure competition because sellers have some control over prices.

Accepted Answer

A) True 
 B)False

Question 12

The study of macroeconomics is ______.

Accepted Answer

A)  not related to microeconomics 
B)  primarily concerned with individual businesses and decisions 
C)  concerned with studying the overall economy 
D)  not related to government decisions concerning spending and taxes 
A)  not related to microeconomics 
B)  primarily concerned with individual businesses and decisions 
C)  concerned with studying the overall economy 
D)  not related to government decisions concerning spending and taxes

Question 13

Most communist systems allow private ownership of less critical industries.

Accepted Answer

A) True 
 B)False

Question 14

In recent years, China has been moving from communism toward a more market-oriented economy.

Accepted Answer

A) True 
 B)False

Question 15

If buyers' incomes increase, the demand curve for most products will shift to the left.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following factors will NOT result in a shift in the supply curve?

Accepted Answer

A)  change in the number of suppliers 
B)  change in the price of substitute goods 
C)  cost savings resulting from new technology 
D)  change in the costs of labour 
A)  change in the number of suppliers 
B)  change in the price of substitute goods 
C)  cost savings resulting from new technology 
D)  change in the costs of labour

Question 17

Kim graduated from college in May and is looking for a job. She is ______ unemployed.

Accepted Answer

A)  structurally 
B)  cyclically 
C)  seasonally 
D)  frictionally 
A)  structurally 
B)  cyclically 
C)  seasonally 
D)  frictionally

Question 18

Unless it is regulated or only temporary, the market situation called ______ is prohibited in Canada through antitrust legislation.

Accepted Answer

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

Question 19

Individuals who lose their jobs due to structural reasons are generally unemployed for long periods.

Accepted Answer

A) True 
 B)False

Question 20

If the number of buyers decreases, 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

______ is an economic system in which private property is eliminated.

In Canada, monetary policy is largely controlled by The House of Commons.

Entrepreneurs have the most economic freedom in which type of economy?

Complete the following using the terms listed below: -_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

Natural monopolies often are industries with high entry barriers.

What is economics? Why is understanding economics important in your life?

Socialism is one of the four market structures found in a private enterprise system.

The three major types of economic systems are ______.

______ is the study of the economic choices of individual consumers, families, or businesses.

In general, as price of a good or service increases, the quantity demanded

Monopolistic competition differs from pure competition because sellers have some control over prices.

The study of macroeconomics is ______.

Most communist systems allow private ownership of less critical industries.

In recent years, China has been moving from communism toward a more market-oriented economy.

If buyers' incomes increase, the demand curve for most products will shift to the left.

Which of the following factors will NOT result in a shift in the supply curve?

Kim graduated from college in May and is looking for a job. She is ______ unemployed.

Unless it is regulated or only temporary, the market situation called ______ is prohibited in Canada through antitrust legislation.

Individuals who lose their jobs due to structural reasons are generally unemployed for long periods.

If the number of buyers decreases, the demand curve will shift to the and the price will .

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

______ is an economic system in which private property is eliminated.

In Canada, monetary policy is largely controlled by The House of Commons.

Entrepreneurs have the most economic freedom in which type of economy?

Complete the following using the terms listed below: -_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

Natural monopolies often are industries with high entry barriers.

What is economics? Why is understanding economics important in your life?

Socialism is one of the four market structures found in a private enterprise system.

The three major types of economic systems are ______.

______ is the study of the economic choices of individual consumers, families, or businesses.

In general, as price of a good or service increases, the quantity demanded

Monopolistic competition differs from pure competition because sellers have some control over prices.

The study of macroeconomics is ______.

Most communist systems allow private ownership of less critical industries.

In recent years, China has been moving from communism toward a more market-oriented economy.

If buyers' incomes increase, the demand curve for most products will shift to the left.

Which of the following factors will NOT result in a shift in the supply curve?

Kim graduated from college in May and is looking for a job. She is ______ unemployed.

Unless it is regulated or only temporary, the market situation called ______ is prohibited in Canada through antitrust legislation.

Individuals who lose their jobs due to structural reasons are generally unemployed for long periods.

If the number of buyers decreases, the demand curve will shift to the ______ and the price will ______.

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 number of buyers decreases, the demand curve will shift to the and the price will .