Question 1

________ taxes,levied on retail purchases made by customers,are collected by retail businesses at the time of the sale and then forwarded to state governments.

Accepted Answer

A)  Income 
B)  Property 
C)  Sales 
D)  Excise 
E)  Payroll 
A)  Income 
B)  Property 
C)  Sales 
D)  Excise 
E)  Payroll

Question 2

________ taxes are levied on earnings of individuals to help fund Social Security,Medicare,and unemployment compensation.

Accepted Answer

A)  Excise 
B)  Payroll 
C)  Sales 
D)  Income 
E)  Property 
A)  Excise 
B)  Payroll 
C)  Sales 
D)  Income 
E)  Property

Question 3

Explain the different factors of production.

Accepted Answer

Natural resources are things that are us

Question 4

There are 10 pizza restaurants in a city.Each restaurant claims to have the "best pizza in town" and advertises the ways in which its pizza is different and better than its competitors' pizzas.This is an example of a(n)________.

Accepted Answer

A)  regulated monopoly 
B)  monopsony 
C)  regulated monopsonic competition 
D)  monopolistic competition 
E)  monopoly 
A)  regulated monopoly 
B)  monopsony 
C)  regulated monopsonic competition 
D)  monopolistic competition 
E)  monopoly

Question 5

________ policy involves changes in the government's revenues and expenditures to stimulate a slow economy or dampen a growing economy that is in danger of overheating and causing inflation.

Accepted Answer

A)  Fiscal 
B)  Taxation 
C)  Cyclical 
D)  Antitrust 
E)  Monetary 
A)  Fiscal 
B)  Taxation 
C)  Cyclical 
D)  Antitrust 
E)  Monetary

Question 6

The Federal Trade Commission (FTC)is charged with which of the following duties?

Accepted Answer

A)  overseeing communication by telephone, telegraph, radio, and television 
B)  regulating and overseeing carriers engaged in interstate transportation 
C)  enforcing laws and regulations to prevent distribution of harmful foods and drugs 
D)  protecting the national transportation infrastructure 
E)  enforcing laws regarding unfair business practices and deceptive advertising 
A)  overseeing communication by telephone, telegraph, radio, and television 
B)  regulating and overseeing carriers engaged in interstate transportation 
C)  enforcing laws and regulations to prevent distribution of harmful foods and drugs 
D)  protecting the national transportation infrastructure 
E)  enforcing laws regarding unfair business practices and deceptive advertising

Question 7

In 2008,the British government became the majority owner of the Royal Bank of Scotland,the second-largest bank in Britain,in an attempt to prevent the bank from collapsing.This is an example of ________.

Accepted Answer

A)  privatization 
B)  anarchism 
C)  capitalism 
D)  nationalization 
E)  socialization 
A)  privatization 
B)  anarchism 
C)  capitalism 
D)  nationalization 
E)  socialization

Question 8

If consumer demand for a product decreases,the demand curve ________.

Accepted Answer

A)  moves downward 
B)  moves upward 
C)  moves to the right 
D)  moves to the left 
E)  remains stationary 
A)  moves downward 
B)  moves upward 
C)  moves to the right 
D)  moves to the left 
E)  remains stationary

Question 9

Capitalism is a term used to describe the free-market system,one in which private parties own and operate the majority of businesses and where competition,supply,and demand determine which goods and services are produced.

Accepted Answer

A) True 
 B)False

Question 10

________ refers to the quantities of a good or service that producers will provide on a particular date at various prices.

Accepted Answer

A)  Necessity 
B)  Supply 
C)  Demand 
D)  Utility 
E)  Want 
A)  Necessity 
B)  Supply 
C)  Demand 
D)  Utility 
E)  Want

Question 11

Which of the following is an example of deregulation?

Accepted Answer

A)  lifting redundant restrictions on airline competition 
B)  banning the sale of tobacco to minors under the age of 18 
C)  lowering the speed limit on an interstate highway 
D)  approving a proposed merger between Google and Microsoft 
E)  establishing economic development zones to attract new businesses 
A)  lifting redundant restrictions on airline competition 
B)  banning the sale of tobacco to minors under the age of 18 
C)  lowering the speed limit on an interstate highway 
D)  approving a proposed merger between Google and Microsoft 
E)  establishing economic development zones to attract new businesses

Question 12

List the major factors that affect the overall demand of a product.

Accepted Answer

The effects of some of the major factors

Question 13

GDP considers who is responsible for the production; GNP considers where the production occurs.

Accepted Answer

A) True 
 B)False

Question 14

When the number of competitors in a market is quite small,a situation known as ________ is created.

Accepted Answer

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

Question 15

Which of the following refers to people and their individual talents and capacities?

Accepted Answer

A)  natural resources 
B)  knowledge 
C)  capital investments 
D)  human resources 
E)  entrepreneurship 
A)  natural resources 
B)  knowledge 
C)  capital investments 
D)  human resources 
E)  entrepreneurship

Question 16

The demand curve will shift to the left if the price of substitute products increases.

Accepted Answer

A) True 
 B)False

Question 17

Compare and contrast between trade-offs and opportunity costs.

Accepted Answer

Due to universal scarcity of resources,c

Question 18

The point at which quantity of a good or service equals the quantity demanded is known as the equilibrium point.

Accepted Answer

A) True 
 B)False

Question 19

________ policy involves adjusting the nation's money supply by increasing or decreasing interest rates.

Accepted Answer

A)  Fiscal 
B)  Taxation 
C)  Cyclical 
D)  Antitrust 
E)  Monetary 
A)  Fiscal 
B)  Taxation 
C)  Cyclical 
D)  Antitrust 
E)  Monetary

Question 20

Inflation is a major concern for consumers,businesses,and government leaders because it ________.

Accepted Answer

A)  is a precursor to recession 
B)  decreases the purchasing power of consumers 
C)  decreases the production costs 
D)  increases the demand for commodities 
E)  decreases the opportunity cost of holding cash balances 
A)  is a precursor to recession 
B)  decreases the purchasing power of consumers 
C)  decreases the production costs 
D)  increases the demand for commodities 
E)  decreases the opportunity cost of holding cash balances

________ taxes,levied on retail purchases made by customers,are collected by retail businesses at the time of the sale and then forwarded to state governments.

________ taxes are levied on earnings of individuals to help fund Social Security,Medicare,and unemployment compensation.

Explain the different factors of production.

There are 10 pizza restaurants in a city.Each restaurant claims to have the "best pizza in town" and advertises the ways in which its pizza is different and better than its competitors' pizzas.This is an example of a(n)________.

________ policy involves changes in the government's revenues and expenditures to stimulate a slow economy or dampen a growing economy that is in danger of overheating and causing inflation.

The Federal Trade Commission (FTC)is charged with which of the following duties?

In 2008,the British government became the majority owner of the Royal Bank of Scotland,the second-largest bank in Britain,in an attempt to prevent the bank from collapsing.This is an example of ________.

If consumer demand for a product decreases,the demand curve ________.

Capitalism is a term used to describe the free-market system,one in which private parties own and operate the majority of businesses and where competition,supply,and demand determine which goods and services are produced.

________ refers to the quantities of a good or service that producers will provide on a particular date at various prices.

Which of the following is an example of deregulation?

List the major factors that affect the overall demand of a product.

GDP considers who is responsible for the production; GNP considers where the production occurs.

When the number of competitors in a market is quite small,a situation known as ________ is created.

Which of the following refers to people and their individual talents and capacities?

The demand curve will shift to the left if the price of substitute products increases.

Compare and contrast between trade-offs and opportunity costs.

The point at which quantity of a good or service equals the quantity demanded is known as the equilibrium point.

________ policy involves adjusting the nation's money supply by increasing or decreasing interest rates.

Inflation is a major concern for consumers,businesses,and government leaders because it ________.

Developing a Business Mindset

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 2: Understanding Basic Economics

________ taxes,levied on retail purchases made by customers,are collected by retail businesses at the time of the sale and then forwarded to state governments.

________ taxes are levied on earnings of individuals to help fund Social Security,Medicare,and unemployment compensation.

Explain the different factors of production.

There are 10 pizza restaurants in a city.Each restaurant claims to have the "best pizza in town" and advertises the ways in which its pizza is different and better than its competitors' pizzas.This is an example of a(n)________.

________ policy involves changes in the government's revenues and expenditures to stimulate a slow economy or dampen a growing economy that is in danger of overheating and causing inflation.

The Federal Trade Commission (FTC)is charged with which of the following duties?

In 2008,the British government became the majority owner of the Royal Bank of Scotland,the second-largest bank in Britain,in an attempt to prevent the bank from collapsing.This is an example of ________.

If consumer demand for a product decreases,the demand curve ________.

Capitalism is a term used to describe the free-market system,one in which private parties own and operate the majority of businesses and where competition,supply,and demand determine which goods and services are produced.

________ refers to the quantities of a good or service that producers will provide on a particular date at various prices.

Which of the following is an example of deregulation?

List the major factors that affect the overall demand of a product.

GDP considers who is responsible for the production; GNP considers where the production occurs.

When the number of competitors in a market is quite small,a situation known as ________ is created.

Which of the following refers to people and their individual talents and capacities?

The demand curve will shift to the left if the price of substitute products increases.

Compare and contrast between trade-offs and opportunity costs.

The point at which quantity of a good or service equals the quantity demanded is known as the equilibrium point.

________ policy involves adjusting the nation's money supply by increasing or decreasing interest rates.

Inflation is a major concern for consumers,businesses,and government leaders because it ________.

Developing a Business Mindset

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Product and Pricing Strategies

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters