Question 1

Almost every discussion about a country's economy is based on gross domestic product.GDP is the:

Accepted Answer

A) total output of goods and services in a given period divided by the total hours of labour required to provide them 
B) general well-being of a society in terms of political freedom 
C) amount of goods and services people can buy with the money they have 
D) total value of goods and services produced in a country in a given year 
A) total output of goods and services in a given period divided by the total hours of labour required to provide them 
B) general well-being of a society in terms of political freedom 
C) amount of goods and services people can buy with the money they have 
D) total value of goods and services produced in a country in a given year

Question 2

An economy is said to be in a recession if GDP declines for two or more consecutive quarters.

Accepted Answer

A) True 
 B)False

Question 3

Just as no country is purely capitalist,no market is truly free.

Accepted Answer

A) True 
 B)False

Question 4

The "invisible hand" in Adam Smith's theory refers to the efforts of the government to control the operation of markets.

Accepted Answer

A) True 
 B)False

Question 5

_______is characterized by a large number of firms selling products that appear to be identical.

Accepted Answer

A) Perfect competition 
B) Monopolistic competition 
C) Microeconomic competition 
D) Oligopoly 
A) Perfect competition 
B) Monopolistic competition 
C) Microeconomic competition 
D) Oligopoly

Question 6

The system that has provided more opportunities for poor people to work their way out of poverty is known as what?

Accepted Answer

A) Socialism 
B) Communism 
C) Free-market capitalism 
D) Monopolistic competition 
A) Socialism 
B) Communism 
C) Free-market capitalism 
D) Monopolistic competition

Question 7

An important economic trend has been for free-market economies to move more toward socialism while command economies move more toward free markets.

Accepted Answer

A) True 
 B)False

Question 8

In command economies,the government plays a major role in deciding which goods will be produced and who will get them.

Accepted Answer

A) True 
 B)False

Question 9

The nation of Nadiria is in the midst of a terrible economic downturn.The nation's GDP has been declining steadily for over five years and is now at its lowest level in over fifty years.Nadiria's unemployment rate is at an all-time high and the nation's CPI is falling.Nadiria is experiencing a ________

Accepted Answer

A) balance of trade deficit. 
B) period of retraction. 
C) period of stagflation. 
D) period of depression. 
A) balance of trade deficit. 
B) period of retraction. 
C) period of stagflation. 
D) period of depression.

Question 10

Economics is the study of how:

Accepted Answer

A) to invest wisely in the stock market. 
B) sophisticated statistical techniques can be used to make predictions about the evolution of society over the long run. 
C) to employ resources to produce goods and services and distribute them among competing groups and individuals. 
D) people govern themselves in a democratic society. 
A) to invest wisely in the stock market. 
B) sophisticated statistical techniques can be used to make predictions about the evolution of society over the long run. 
C) to employ resources to produce goods and services and distribute them among competing groups and individuals. 
D) people govern themselves in a democratic society.

Question 11

Like most nations,Canada has a mixed economy.

Accepted Answer

A) True 
 B)False

Question 12

If we graph the supply and demand curves for a product at a specific time,the point on the graph where the two curves intersect is called the stress point.

Accepted Answer

A) True 
 B)False

Almost every discussion about a country's economy is based on gross domestic product.GDP is the:

An economy is said to be in a recession if GDP declines for two or more consecutive quarters.

Just as no country is purely capitalist,no market is truly free.

The "invisible hand" in Adam Smith's theory refers to the efforts of the government to control the operation of markets.

_______is characterized by a large number of firms selling products that appear to be identical.

The system that has provided more opportunities for poor people to work their way out of poverty is known as what?

An important economic trend has been for free-market economies to move more toward socialism while command economies move more toward free markets.

In command economies,the government plays a major role in deciding which goods will be produced and who will get them.

Economics is the study of how:

Like most nations,Canada has a mixed economy.

If we graph the supply and demand curves for a product at a specific time,the point on the graph where the two curves intersect is called the stress point.

The Dynamic Business Environment

Competing in Global Markets

The Role of Government in Business Appendix a Working Within the Legal Environment of Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemdashmanagement Issues and Relations

Marketing: Helping Buyers Buy

Managing the Marketing Mix: Product, Price, Place, and Promotion

Understanding Accounting and Financial Information

Financial Management Appendix C Managing Risk

The Financial Services Industry in Canada

Filters

Exam 2: How Economic Issues Affect Business

Almost every discussion about a country's economy is based on gross domestic product.GDP is the:

An economy is said to be in a recession if GDP declines for two or more consecutive quarters.

Just as no country is purely capitalist,no market is truly free.

The "invisible hand" in Adam Smith's theory refers to the efforts of the government to control the operation of markets.

_______is characterized by a large number of firms selling products that appear to be identical.

The system that has provided more opportunities for poor people to work their way out of poverty is known as what?

An important economic trend has been for free-market economies to move more toward socialism while command economies move more toward free markets.

In command economies,the government plays a major role in deciding which goods will be produced and who will get them.

Economics is the study of how:

Like most nations,Canada has a mixed economy.

If we graph the supply and demand curves for a product at a specific time,the point on the graph where the two curves intersect is called the stress point.

The Dynamic Business Environment

Competing in Global Markets

The Role of Government in Business Appendix a Working Within the Legal Environment of Business

Ethics and Social Responsibility

Forms of Business Ownership

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Producing World-Class Goods and Services

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemdashmanagement Issues and Relations

Marketing: Helping Buyers Buy

Managing the Marketing Mix: Product, Price, Place, and Promotion

Understanding Accounting and Financial Information

Financial Management Appendix C Managing Risk

The Financial Services Industry in Canada

Filters