Question 1

An increase in consumers' incomes causes the _____.

Accepted Answer

A) break-even point to shift to the right 
B) demand curve to shift to the right 
C) break-even point to shift to the left 
D) demand curve to shift to the left 
A) break-even point to shift to the right 
B) demand curve to shift to the right 
C) break-even point to shift to the left 
D) demand curve to shift to the left

Question 2

_____ is an economic system in which the government owns all of a nation's major industries but still allows private ownership in less crucial areas.

Accepted Answer

A) Communism 
B) Socialism 
C) Capitalism 
D) Ethnocentrism 
A) Communism 
B) Socialism 
C) Capitalism 
D) Ethnocentrism

Question 3

Which of the following is an implication of demand curves sloping downward?

Accepted Answer

A) Buyers will purchase greater quantities of a good or service as its price falls. 
B) Sellers will supply greater quantities of a good or service as its price increases. 
C) Buyers will purchase greater quantities of a good or service as their incomes fall. 
D) Sellers will supply greater quantities of a good or service as taxes increase.AACSB Analytical thinking BT: K 
A) Buyers will purchase greater quantities of a good or service as its price falls. 
B) Sellers will supply greater quantities of a good or service as its price increases. 
C) Buyers will purchase greater quantities of a good or service as their incomes fall. 
D) Sellers will supply greater quantities of a good or service as taxes increase.AACSB Analytical thinking BT: K

Question 4

Workers in high-tech industries,air travel,and manufacturing have all faced unemployment during periods of economic contraction.

Accepted Answer

A) True 
 B)False

Question 5

Monopolistic competition has _____.

Accepted Answer

A) many buyers and sellers,who have some control over price 
B) few sellers,but only one major buyer 
C) many sellers,who sell a homogeneous product 
D) no barriers to keep out new competitors 
A) many buyers and sellers,who have some control over price 
B) few sellers,but only one major buyer 
C) many sellers,who sell a homogeneous product 
D) no barriers to keep out new competitors

Question 6

Which of the following refers to the willingness and ability of buyers to purchase goods and services at different prices?

Accepted Answer

A) Socialism 
B) Supply 
C) Capitalism 
D) Demand 
A) Socialism 
B) Supply 
C) Capitalism 
D) Demand

Question 7

A nation will achieve a balanced budget when:

Accepted Answer

A) the amount of savings equal the amount of borrowings from banks. 
B) the consumer price index is equal to the producer price index. 
C) imports are equal to its exports. 
D) total revenues raised by taxes equal the total proposed spending for the year. 
A) the amount of savings equal the amount of borrowings from banks. 
B) the consumer price index is equal to the producer price index. 
C) imports are equal to its exports. 
D) total revenues raised by taxes equal the total proposed spending for the year.

Question 8

When a constant amount of inputs generates increased outputs,an increase in productivity occurs.

Accepted Answer

A) True 
 B)False

Question 9

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 10

The U.S.Postal Service's delivery of first-class mail is an example of a regulated monopoly.

Accepted Answer

A) True 
 B)False

Question 11

Complete the following using the terms listed.
-The study of small economic units,such as individual consumers,families,and businesses,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 12

Complete the following using the terms listed.
-_____ measures the monthly average change in prices of goods and services.

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 13

_____ is the relationship between the goods and services produced in a nation each year and the inputs necessary to produce them.

Accepted Answer

A) Gross domestic product 
B) Per capita income 
C) Prosperity 
D) Productivity 
A) Gross domestic product 
B) Per capita income 
C) Prosperity 
D) Productivity

Question 14

An oligopoly is a market situation where there are only a few sellers of a good or service.

Accepted Answer

A) True 
 B)False

Question 15

During a recession,business spending increases but consumer spending remains relatively unchanged.

Accepted Answer

A) True 
 B)False

Question 16

_____ is a commonly used measure of nation's total productivity.

Accepted Answer

A) Gross domestic product 
B) Product mix ratio 
C) Contribution margin 
D) Break-even point 
A) Gross domestic product 
B) Product mix ratio 
C) Contribution margin 
D) Break-even point

Question 17

Complete the following using the terms listed.
-The amount of goods and services for sale at different prices is known as _____.

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 18

Complete the following using the terms listed.
-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 19

According to the annual World Economic Forum,all of the following are key challenges facing business in the new century EXCEPT ________.

Accepted Answer

A) increasing younger workforce 
B) rising greenhouse gas emissions 
C) water supply crisis 
D) chronic fiscal imbalances 
A) increasing younger workforce 
B) rising greenhouse gas emissions 
C) water supply crisis 
D) chronic fiscal imbalances

Question 20

Macroeconomics deals with taxing and spending decisions made by governments.

Accepted Answer

A) True 
 B)False

An increase in consumers' incomes causes the _____.

_____ is an economic system in which the government owns all of a nation's major industries but still allows private ownership in less crucial areas.

Which of the following is an implication of demand curves sloping downward?

Workers in high-tech industries,air travel,and manufacturing have all faced unemployment during periods of economic contraction.

Monopolistic competition has _____.

Which of the following refers to the willingness and ability of buyers to purchase goods and services at different prices?

A nation will achieve a balanced budget when:

When a constant amount of inputs generates increased outputs,an increase in productivity occurs.

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

The U.S.Postal Service's delivery of first-class mail is an example of a regulated monopoly.

Complete the following using the terms listed. -The study of small economic units,such as individual consumers,families,and businesses,is called _____.

Complete the following using the terms listed. -_____ measures the monthly average change in prices of goods and services.

_____ is the relationship between the goods and services produced in a nation each year and the inputs necessary to produce them.

An oligopoly is a market situation where there are only a few sellers of a good or service.

During a recession,business spending increases but consumer spending remains relatively unchanged.

_____ is a commonly used measure of nation's total productivity.

Complete the following using the terms listed. -The amount of goods and services for sale at different prices is known as _____.

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

According to the annual World Economic Forum,all of the following are key challenges facing business in the new century EXCEPT ________.

Macroeconomics deals with taxing and spending decisions made by governments.

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 Labor 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

Trends in E-Commerce

Filters

Exam 3: Economic Challenges Facing Todays Business

An increase in consumers' incomes causes the _____.

_____ is an economic system in which the government owns all of a nation's major industries but still allows private ownership in less crucial areas.

Which of the following is an implication of demand curves sloping downward?

Workers in high-tech industries,air travel,and manufacturing have all faced unemployment during periods of economic contraction.

Monopolistic competition has _____.

Which of the following refers to the willingness and ability of buyers to purchase goods and services at different prices?

A nation will achieve a balanced budget when:

When a constant amount of inputs generates increased outputs,an increase in productivity occurs.

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

The U.S.Postal Service's delivery of first-class mail is an example of a regulated monopoly.

Complete the following using the terms listed. -The study of small economic units,such as individual consumers,families,and businesses,is called _____.

Complete the following using the terms listed. -_____ measures the monthly average change in prices of goods and services.

_____ is the relationship between the goods and services produced in a nation each year and the inputs necessary to produce them.

An oligopoly is a market situation where there are only a few sellers of a good or service.

During a recession,business spending increases but consumer spending remains relatively unchanged.

_____ is a commonly used measure of nation's total productivity.

Complete the following using the terms listed. -The amount of goods and services for sale at different prices is known as _____.

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

According to the annual World Economic Forum,all of the following are key challenges facing business in the new century EXCEPT ________.

Macroeconomics deals with taxing and spending decisions made by governments.

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 Labor 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

Trends in E-Commerce

Filters

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