Exam 1: Understanding Economic Systems and Business

The _____ GDP takes inflation into account and uses adjusted market prices.

_____ are intangible offerings of business like hair cuts, medical examinations, tutoring, and legal advice.

Tyron Lewis has recently quit his job in the administrative offices at the nearby hospital and is currently seeking a retail management position.He would be described as structurally unemployed.

What is the term used to describe what is happening when the government spends more on public transportation, and as a result, individuals spend less on private transportation?

The quantity of a product or service that businesses will make available at various prices is called:

In 1993, Purdue Pharmaceuticals of Stamford, Conn.applied for the first in a series of patents on Oxycontin, a painkiller.The U.S.Patent and Trademark Office (PTO) granted those patents based on the manufacturer's contention that the drug contained a novel innovation: It had been engineered so that only a very small dose was required for the drug to be effective for 90 percent of patients.Seven years later, a generic drug maker, Endo Pharmaceuticals, applied to the FDA for permission to sell its own, lower-priced version of Oxycontin.Purdue's patents acted as a(n) _____ and prevented Endo from entering the market.

Which of the following statements about a socialist economic system is true?

Monopolistic competition is a market structure in which entry is easy.

Jarvis Washington recently quit his job as a veterinarian's assistant and is now trying to find a job with another veterinarian.This is an example of _____ unemployment.

What is the primary difference between a good and a service?

Which of the following is an example of a business?

A(n) _____ is defined as a decline in GDP that lasts for six months.

Within the music industry, four companies (UMG, Sony-BMG, EMI, and Warner) control 90 percent of the music you hear.The music industry operates in a(n) _____ market structure.

_____ is the situation that occurs when government spending replaces spending by the private sector.

The national debt is the:

Archer Daniels Midland Co.(ADM) has joined with Baron Spices and Seasonings to market spices, seasonings and herbs to the foodservice industry.ADM will provide the raw materials, and Baron will act as the distributor and use its already existing relationships with participants in the food service industry to make a success of this:

It takes four consecutive quarters of decline in the GDP for economists to consider the economy to be in a recession.

Belinda Asher works in a vegetable processing plant and is out of work about six months a year due to the periodic harvest times.She can be described as seasonally unemployed.

A strategic alliance is a cooperative agreement between business firms.

_____ are workers who create, distribute, and apply knowledge.