Exam 3: Economic Challenges Facing Business Today

The recent recession has left Brionna,a manager previously in a restaurant,unemployed.This is an example of_____.

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

In order to control the rising price of housing,the county council enacts rent controls.This mandated price is below the equilibrium price.Consequently,a shortage in the supply of housing may result.

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

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

The government of ABC country owns the railways,utilities,energy companies,and financial institutions.Ownership of small,less critical businesses is in private hands.This is an example of socialism.

In which of these systems,incentives to motivate employees to perform are at their highest level?

Not-for-profit organizations must also make economic decisions just like other business organizations.

Under the market situation of pure competition,there are definitely a handful of buyers who have a significant control over price.

A country has a strong private sector,along with publicly-owned enterprises.Entrepreneurs and private-sector investors are entitled to profits after paying taxes,and even state-owned enterprises are expected to generate returns.What type of economic system does this country have?

A particular industry has many competitors,each of whom has no significant control over price.In addition,it is fairly easy to enter the industry.This industry is an example of _____.

An economic recession lasts for three months or shorter.

All of the following are part of the national debt EXCEPT:

In the United States,the _____ is responsible for formulating and implementing the nation's monetary policy.

The core inflation rate consists of an economy's inflation rate after removing energy and food prices.

In the country of ABC,the government owns the public transportation,basic services like energy supply and communication,and the core manufacturing firms.Small businesses are privately owned.What type of economic system does ABC have?

The U.S.government is trending away from deregulation and toward regulated monopolies.

Business borrowing becomes more difficult when the _____.

A local fitness center is an example for which type of competition?

Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.