Question 1

The four types of unemployment are ______.

Accepted Answer

A)  recessional, inflation, frictional, and cyclical 
B)  inflation, frictional, cyclical, and structural 
C)  recessional, frictional, cyclical, and structural 
D)  frictional, cyclical, structural, and seasonal 
A)  recessional, inflation, frictional, and cyclical 
B)  inflation, frictional, cyclical, and structural 
C)  recessional, frictional, cyclical, and structural 
D)  frictional, cyclical, structural, and seasonal

Question 2

Mention and explain the stages of the business cycle.

Accepted Answer

The stages of the business cycle are:
Pr

Question 3

Complete the following using the terms listed below:
-A(n) _____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

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

If the market price is above the equilibrium price, ______.

Accepted Answer

A)  producers will earn large profits 
B)  consumers will go on strike and not purchase any of the product 
C)  the demand curve will shift to the right causing the surplus to go away 
D)  a surplus will occur and prices and production will fall 
A)  producers will earn large profits 
B)  consumers will go on strike and not purchase any of the product 
C)  the demand curve will shift to the right causing the surplus to go away 
D)  a surplus will occur and prices and production will fall

Question 5

Differentiate between pure competition and a monopolistic competition in the private enterprise system.

Accepted Answer

Pure completion is the market structure

Question 6

Complete the following using the terms listed below:
-The use of government tax and spending policies to bring about desired changes in the economy 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 7

Changes in overall government spending have a macroeconomic effect.

Accepted Answer

A) True 
 B)False

Question 8

Control over price by individual firms is highest in a(n) ______.

Accepted Answer

A)  regulated monopoly 
B)  oligopoly 
C)  pure monopoly 
D)  monopolistically competitive industry 
A)  regulated monopoly 
B)  oligopoly 
C)  pure monopoly 
D)  monopolistically competitive industry

Question 9

Hailey's research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences. Hailey's analysis involves the study of ______.

Accepted Answer

A)  economics 
B)  private enterprise system 
C)  microeconomics 
D)  macroeconomics 
A)  economics 
B)  private enterprise system 
C)  microeconomics 
D)  macroeconomics

Question 10

What is national debt, and how does come about?

Accepted Answer

National debt is a result of borrowings

Question 11

Monopolistic competition has ______.

Accepted Answer

A)  only one seller 
B)  many buyers and sellers, none of whom can control prices 
C)  only a few sellers 
D)  many buyers and sellers, and the sellers have some control over price 
A)  only one seller 
B)  many buyers and sellers, none of whom can control prices 
C)  only a few sellers 
D)  many buyers and sellers, and the sellers have some control over price

Question 12

If demand for a product rises sharply, its price should decline and the quantity supplied should increase.

Accepted Answer

A) True 
 B)False

Question 13

To determine its productivity level, a country can divide the output (goods and service produced in an economic system within a specific period) by the input (the resources used to produce that output).

Accepted Answer

A) True 
 B)False

Question 14

Complete the following using the terms listed below:
-If the government spends more than it collects in taxes, then a(n) _____ occurs.

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 15

When the unemployment rate in an economy is very low, businesses have to ______ in order to attract highly skilled employees.

Accepted Answer

A)  pay high salaries/wages 
B)  pay less salaries/wages 
C)  cut back on production 
D)  do nothing and wait for a period of the unemployment rate to go up 
A)  pay high salaries/wages 
B)  pay less salaries/wages 
C)  cut back on production 
D)  do nothing and wait for a period of the unemployment rate to go up

Question 16

Which of the following market structures best describes the Canadian auto industry?

Accepted Answer

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

Question 17

An increase in consumers' incomes causes the ______.

Accepted Answer

A)  supply curve to shift to the right 
B)  demand curve to shift to the right 
C)  supply curve to shift to the left 
D)  demand curve to shift to the left 
A)  supply curve to shift to the right 
B)  demand curve to shift to the right 
C)  supply curve to shift to the left 
D)  demand curve to shift to the left

Question 18

A demand curve will shift to the left if the ______.

Accepted Answer

A)  number of buyers increases 
B)  buyers' incomes decrease 
C)  future expectations become more optimistic 
D)  prices of substitute goods increase 
A)  number of buyers increases 
B)  buyers' incomes decrease 
C)  future expectations become more optimistic 
D)  prices of substitute goods increase

Question 19

Describe the major differences between socialism and a mixed economic system.

Accepted Answer

In a socialist economy, the government o

Question 20

In a mixed economy, private firms do NOT compete with public enterprises.

Accepted Answer

A) True 
 B)False

The four types of unemployment are ______.

Mention and explain the stages of the business cycle.

Complete the following using the terms listed below: -A(n) _____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

If the market price is above the equilibrium price, ______.

Differentiate between pure competition and a monopolistic competition in the private enterprise system.

Complete the following using the terms listed below: -The use of government tax and spending policies to bring about desired changes in the economy is called _____.

Changes in overall government spending have a macroeconomic effect.

Control over price by individual firms is highest in a(n) ______.

Hailey's research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences. Hailey's analysis involves the study of ______.

What is national debt, and how does come about?

Monopolistic competition has ______.

If demand for a product rises sharply, its price should decline and the quantity supplied should increase.

To determine its productivity level, a country can divide the output (goods and service produced in an economic system within a specific period) by the input (the resources used to produce that output).

Complete the following using the terms listed below: -If the government spends more than it collects in taxes, then a(n) _____ occurs.

When the unemployment rate in an economy is very low, businesses have to ______ in order to attract highly skilled employees.

Which of the following market structures best describes the Canadian auto industry?

An increase in consumers' incomes causes the ______.

A demand curve will shift to the left if the ______.

Describe the major differences between socialism and a mixed economic system.

In a mixed economy, private firms do NOT compete with public enterprises.

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 types of unemployment are ______.

Mention and explain the stages of the business cycle.

Complete the following using the terms listed below: -A(n) _____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

If the market price is above the equilibrium price, ______.

Differentiate between pure competition and a monopolistic competition in the private enterprise system.

Complete the following using the terms listed below: -The use of government tax and spending policies to bring about desired changes in the economy is called _____.

Changes in overall government spending have a macroeconomic effect.

Control over price by individual firms is highest in a(n) ______.

Hailey's research firm was hired by a discount superstore to provide a detailed evaluation regarding consumer preferences. Hailey's analysis involves the study of ______.

What is national debt, and how does come about?

Monopolistic competition has ______.

If demand for a product rises sharply, its price should decline and the quantity supplied should increase.

To determine its productivity level, a country can divide the output (goods and service produced in an economic system within a specific period) by the input (the resources used to produce that output).

Complete the following using the terms listed below: -If the government spends more than it collects in taxes, then a(n) _____ occurs.

When the unemployment rate in an economy is very low, businesses have to ______ in order to attract highly skilled employees.

Which of the following market structures best describes the Canadian auto industry?

An increase in consumers' incomes causes the ______.

A demand curve will shift to the left if the ______.

Describe the major differences between socialism and a mixed economic system.

In a mixed economy, private firms do NOT compete with public enterprises.

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