Exam 1: Understanding Economic Systems and Business

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What exactly is a researcher studying who looks at people's general level of human happiness based on such things as life expectancies, educational standards, health, sanitation, and leisure time?

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There are a large number of small firms that provide entertainment for children's birthday parties.There is little difference between one company's inflatable slide and another company's.Clowns and magicians do similar tricks.Both the sellers and the parents buying the entertainment are well informed as to price and sources although sometimes it is difficult to hire the same entertainer two years in a row because the business is so easy to open and close.What type of market structure do local party entertainers depict?

(Multiple Choice)
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In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.

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Which of the following statements about those people designated by demographics as millennials is true?

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What is the primary difference between goods and services?

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Full employment means 94-96 percent of the working force is employed.

(True/False)
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The Department of Natural Resources spent money to promote the use of national parks as perfect sites for a summer vacation causing motels, campgrounds and other tourist attractions in the private sector to become less attractive to consumers.Consequently consumers spent more money on trips to the national parks and less money in the private sector for their vacations resulting in _____.

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Canada's government owns the communications, transportation, and utilities industries; most other activities are carried on by private enterprises.Canada is considered a _____ economy.

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The higher the price of a good or service, the greater the amount a producer is willing to supply.

(True/False)
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Which of the following statements about the interaction of demand and supply is true?

(Multiple Choice)
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Which of the following businesses provides its customers with a good?

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Iris Souza started the summer with $30.She took $10 and made signs for her dog walking service.She posted the signs all over her neighborhood.She used the other $20 to buy a stout leash and a pooper-scooper.At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125 left.What was Souza's profit for her summer job?

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The quality of life is:

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An increase in the price of crude oil could trigger cost-push inflation.

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Which of the following is the best example of a good?

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Hudson Kling mows yards during the summer.Which of the following is an example of revenue for Kling?

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In perfect competition, there is:

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Which of the following is a characteristic of pure competition?

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The standard of living is low in Honduras.This means:

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Which of the following is NOT a form of unemployment?

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