Question 1

What is the term used to describe the point at which customers' demands for a product equal the amount made available by the producer?

Accepted Answer

the equilibrium point

Question 2

As soon as Kazakhstan,a former member of the Soviet Union,had experienced two consecutive quarterly declines in its gross national product,Kazakhstan was in which economic situation?

Accepted Answer

A)  regression 
B)  recession 
C)  adjustment period 
D)  depression 
A)  regression 
B)  recession 
C)  adjustment period 
D)  depression B

Question 3

If the GDP of a country in 2010 was $48 billion,what does this $48 billion represent?

Accepted Answer

A)  the total value of all final goods and services produced during 2010 
B)  the actual growth of discretionary profit in 2010 
C)  the estimated growth of discretionary profit in the country for 2010 
D)  how much money the households in the country spent in 2010 
A)  the total value of all final goods and services produced during 2010 
B)  the actual growth of discretionary profit in 2010 
C)  the estimated growth of discretionary profit in the country for 2010 
D)  how much money the households in the country spent in 2010 A

Question 4

When demand and supply meet,the price of the product or service is established.What is this point called?

Accepted Answer

A)  equilibrium 
B)  interaction 
C)  price intersection 
D)  monetary value 
A)  equilibrium 
B)  interaction 
C)  price intersection 
D)  monetary value

Question 5

Each January,Lopez is laid off as soon as Christmas is over.She will be hired back sometime during the summer.In terms of unemployment,Lopez is a good example of which type of unemployment?

Accepted Answer

A)  frictional 
B)  structural 
C)  seasonal 
D)  fiscal 
A)  frictional 
B)  structural 
C)  seasonal 
D)  fiscal

Question 6

A strategic alliance is a cooperative agreement between a company and its banker.

Accepted Answer

A) True 
 B)False

Question 7

There are more companies in a monopolistic competition than in an oligopoly.

Accepted Answer

A) True 
 B)False

Question 8

How is the national debt described?

Accepted Answer

A)  as the cumulative total owed to Canada by foreign countries 
B)  as the amount of money owed each year by the taxpayers 
C)  as the cumulative total of the government's annual budget deficits 
D)  as the total amount owed by corporations 
A)  as the cumulative total owed to Canada by foreign countries 
B)  as the amount of money owed each year by the taxpayers 
C)  as the cumulative total of the government's annual budget deficits 
D)  as the total amount owed by corporations

Question 9

Think about all the restaurants that are located near your campus.You have probably noted some new ones appearing,and others closing because of lack of business.What type of competition exists in the restaurant business?

Accepted Answer

A)  monopolistic competition 
B)  oligopolistic competition 
C)  an oligopoly 
D)  perfect competition 
A)  monopolistic competition 
B)  oligopolistic competition 
C)  an oligopoly 
D)  perfect competition

Question 10

A market economy is also known as capitalism.

Accepted Answer

A) True 
 B)False

Question 11

There is a large capital requirement needed to set up a tire manufacturing operation.What type of market structure do tire manufacturers operate in?

Accepted Answer

A)  perfect competition 
B)  oligopoly 
C)  imperfect competition 
D)  monopolistic competition 
A)  perfect competition 
B)  oligopoly 
C)  imperfect competition 
D)  monopolistic competition

Question 12

A strategic alliance is sometimes called which of the following?

Accepted Answer

A)  strategic partnership 
B)  transactional partnership 
C)  economic partnership 
D)  economic merger 
A)  strategic partnership 
B)  transactional partnership 
C)  economic partnership 
D)  economic merger

Question 13

Which of the following strategies involves building,maintaining,and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships?

Accepted Answer

A)  customer maximization 
B)  relationship management 
C)  a developing strategic alliance 
D)  profit maximization 
A)  customer maximization 
B)  relationship management 
C)  a developing strategic alliance 
D)  profit maximization

Question 14

Which of the following terms refers to the quantity of a product or service that businesses will make available at various prices?

Accepted Answer

A)  demand 
B)  market potential 
C)  supply 
D)  capacity 
A)  demand 
B)  market potential 
C)  supply 
D)  capacity

Question 15

The purchase of savings bonds by individuals allows the government to do what?

Accepted Answer

A)  eliminate crowding out 
B)  balance supply and demand 
C)  access funds that might otherwise have gone to the private sector 
D)  concentrate on microeconomics strategy 
A)  eliminate crowding out 
B)  balance supply and demand 
C)  access funds that might otherwise have gone to the private sector 
D)  concentrate on microeconomics strategy

Question 16

To bring inflation under control,which combination of unemployment and growth may be necessary?

Accepted Answer

A)  high unemployment, high growth 
B)  high unemployment, low growth 
C)  low unemployment, high growth 
D)  low unemployment, moderate growth 
A)  high unemployment, high growth 
B)  high unemployment, low growth 
C)  low unemployment, high growth 
D)  low unemployment, moderate growth

Question 17

Which of the following represent two types of inflation?

Accepted Answer

A)  demand-pull and cost-push 
B)  cost-pull and supply-push 
C)  demand-pull and supply-push 
D)  recessionary and recovery 
A)  demand-pull and cost-push 
B)  cost-pull and supply-push 
C)  demand-pull and supply-push 
D)  recessionary and recovery

Question 18

Because Jonathon Li has recently quit his job at GMC and is currently seeking work in the computer business,he would be described as structurally unemployed.

Accepted Answer

A) True 
 B)False

Question 19

In perfect competition,which of the following conditions exists?

Accepted Answer

A)  only one producer 
B)  no relationship between supply and demand 
C)  a large number of buyers and few sellers 
D)  a large number of sellers producing nearly identical products 
A)  only one producer 
B)  no relationship between supply and demand 
C)  a large number of buyers and few sellers 
D)  a large number of sellers producing nearly identical products

Question 20

List the four types of unemployment.

Accepted Answer

frictional

What is the term used to describe the point at which customers' demands for a product equal the amount made available by the producer?

As soon as Kazakhstan,a former member of the Soviet Union,had experienced two consecutive quarterly declines in its gross national product,Kazakhstan was in which economic situation?

If the GDP of a country in 2010 was $48 billion,what does this $48 billion represent?

When demand and supply meet,the price of the product or service is established.What is this point called?

Each January,Lopez is laid off as soon as Christmas is over.She will be hired back sometime during the summer.In terms of unemployment,Lopez is a good example of which type of unemployment?

A strategic alliance is a cooperative agreement between a company and its banker.

There are more companies in a monopolistic competition than in an oligopoly.

How is the national debt described?

Think about all the restaurants that are located near your campus.You have probably noted some new ones appearing,and others closing because of lack of business.What type of competition exists in the restaurant business?

A market economy is also known as capitalism.

There is a large capital requirement needed to set up a tire manufacturing operation.What type of market structure do tire manufacturers operate in?

A strategic alliance is sometimes called which of the following?

Which of the following strategies involves building,maintaining,and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships?

Which of the following terms refers to the quantity of a product or service that businesses will make available at various prices?

The purchase of savings bonds by individuals allows the government to do what?

To bring inflation under control,which combination of unemployment and growth may be necessary?

Which of the following represent two types of inflation?

Because Jonathon Li has recently quit his job at GMC and is currently seeking work in the computer business,he would be described as structurally unemployed.

In perfect competition,which of the following conditions exists?

List the four types of unemployment.

Politics Governments’ Roles

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

Filters

Exam 2: Economics Evolving Systems

What is the term used to describe the point at which customers' demands for a product equal the amount made available by the producer?

As soon as Kazakhstan,a former member of the Soviet Union,had experienced two consecutive quarterly declines in its gross national product,Kazakhstan was in which economic situation?

If the GDP of a country in 2010 was $48 billion,what does this $48 billion represent?

When demand and supply meet,the price of the product or service is established.What is this point called?

Each January,Lopez is laid off as soon as Christmas is over.She will be hired back sometime during the summer.In terms of unemployment,Lopez is a good example of which type of unemployment?

A strategic alliance is a cooperative agreement between a company and its banker.

There are more companies in a monopolistic competition than in an oligopoly.

How is the national debt described?

Think about all the restaurants that are located near your campus.You have probably noted some new ones appearing,and others closing because of lack of business.What type of competition exists in the restaurant business?

A market economy is also known as capitalism.

There is a large capital requirement needed to set up a tire manufacturing operation.What type of market structure do tire manufacturers operate in?

A strategic alliance is sometimes called which of the following?

Which of the following strategies involves building,maintaining,and enhancing interactions with customers and other parties so as to develop long-term satisfaction through mutually beneficial partnerships?

Which of the following terms refers to the quantity of a product or service that businesses will make available at various prices?

The purchase of savings bonds by individuals allows the government to do what?

To bring inflation under control,which combination of unemployment and growth may be necessary?

Which of the following represent two types of inflation?

Because Jonathon Li has recently quit his job at GMC and is currently seeking work in the computer business,he would be described as structurally unemployed.

In perfect competition,which of the following conditions exists?

List the four types of unemployment.

Politics Governments’ Roles

Social Society, Corporate Responsibility, and Making Ethical Decisions

Technology Managing Information for Business Success

International The Global Marketplace

Entrepreneurship and Small Business

Analyzing the Business

Forms of Business Ownership

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Marketing The Customer Focus

Creating Marketing Strategies

Achieving World-Class Operations Management

Accounting for Financial Success

Understanding Money and the Canadian Financial System

Finance Maximizing the Value

Filters