Exam 3: Economic Challenges Facing Todays Business

In _____,a local,state,or federal government grants exclusive rights in a certain market to a single firm.

If number of buyers increase,the demand curve for most products will shift to the left.

The conversion of government-owned and operated postal service into a privately held business would be an example of _____.

The price of gasoline rises sharply.One likely outcome is that the demand curve for hybrid vehicles should shift to the left.

Decisions made by individual consumers and businesses have an insignificant impact on overall economic conditions.

Stephan has a construction job in Boston.During winter,he looks for other work as no construction can take place.Stephan is cyclically unemployed.

An economic recession lasts for three months or shorter.

The graph showing the relationship between different prices and the quantities of a good or service that sellers will offer for sale is called a demand curve.

During an economic recession,consumer spending _____ and unemployment _____.

Under the economic system of communism,_____.

In a socialist economy,incentives usually are limited in state enterprises but do motivate workers in the private sector.

_____ has a blend of both planned economy and private enterprise system.

During an epidemic,the price of surgical masks increased.Which of the following is most likely to have been a consequence of this increase in price?

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

Describe how changes in household income affect demand.

Business borrowing becomes more difficult when the _____.

The demand curve will shift to the right if consumers have more money to spend.

Price is the sole underlying cause of movement along demand and supply curves.

The equilibrium price occurs at the point of intersection between the supply and demand curves.

If the government of a country takes in more money than it spends,it is said to have a _____.