Question 1

What is the term for a market structure with many competitors selling virtually identical products?

Accepted Answer

A) pure competition 
B) oligopoly 
C) natural competition 
D) monopolistic competition 
A) pure competition 
B) oligopoly 
C) natural competition 
D) monopolistic competition

Question 2

The nation of High Land has seen a steady increase in the output of goods and services produced within its borders in the last year.What would this indicate?

Accepted Answer

A) a rise in High Land's unemployment rate 
B) a decline in the national tax rate 
C) a rise in High Land's CPI 
D) a rise in High Land's GDP 
A) a rise in High Land's unemployment rate 
B) a decline in the national tax rate 
C) a rise in High Land's CPI 
D) a rise in High Land's GDP

Question 3

Why can changes in the producer price index (PPI)predict changes in the consumer price index (CPI)?

Accepted Answer

A) They are computed using the same market basket. 
B) Consumers and producers often buy the same goods. 
C) Producers often pass along price increases to consumers. 
D) Consumers pay what retailers charge. 
A) They are computed using the same market basket. 
B) Consumers and producers often buy the same goods. 
C) Producers often pass along price increases to consumers. 
D) Consumers pay what retailers charge.

Question 4

The complexity of the economy makes economic forecasting an inexact process.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following would be studied in the greatest detail in a macroeconomics course?

Accepted Answer

A) how a firm in an oligopolistic market would respond to a change in the pricing strategy of other firms in its market 
B) how various factors influence the nation's unemployment rate 
C) how a large automobile manufacturer decides how many SUVs to produce in a given model year 
D) how consumers would respond if a restaurant raised its prices 
A) how a firm in an oligopolistic market would respond to a change in the pricing strategy of other firms in its market 
B) how various factors influence the nation's unemployment rate 
C) how a large automobile manufacturer decides how many SUVs to produce in a given model year 
D) how consumers would respond if a restaurant raised its prices

Question 6

What does macroeconomics focus on?

Accepted Answer

A) the minor issues facing the national economy 
B) the role of government, while microeconomics focuses on the private sector 
C) the small individual units operating within the economy 
D) the major issues facing the national economy 
A) the minor issues facing the national economy 
B) the role of government, while microeconomics focuses on the private sector 
C) the small individual units operating within the economy 
D) the major issues facing the national economy

Question 7

What does the consumer price index (CPI)measure?

Accepted Answer

A) the change in prices of a set of goods that represent the minimum acceptable standard of living for the nation's consumers 
B) the change in the rate of inflation over time 
C) the change in weighted average price over time in a "market basket" of goods and services bought by the typical consumer 
D) the percentage of income consumers must use to pay for goods relative to their average incomes in the same time period 
A) the change in prices of a set of goods that represent the minimum acceptable standard of living for the nation's consumers 
B) the change in the rate of inflation over time 
C) the change in weighted average price over time in a "market basket" of goods and services bought by the typical consumer 
D) the percentage of income consumers must use to pay for goods relative to their average incomes in the same time period

Question 8

Microeconomics is the study of broad,economy-wide issues such as the unemployment rate,gross domestic product,and inflation.

Accepted Answer

A) True 
 B)False

Question 9

What are the two key terms of the business cycle?

Accepted Answer

A) contraction and expansion 
B) inflation and recession 
C) trend and random variation 
D) inflation and deflation 
A) contraction and expansion 
B) inflation and recession 
C) trend and random variation 
D) inflation and deflation

Question 10

Karl Marx envisioned communism as a system that would improve the lot of the common worker.

Accepted Answer

A) True 
 B)False

Question 11

Natasha is very unhappy with conditions in her country.She has very little economic or political freedom.Virtually all productive enterprises are owned by the government,and they seem to be run very inefficiently.The result is frequent shortages and surpluses of goods and services.These conditions suggest that Natasha's country relies on what type of economic system?

Accepted Answer

A) monopolistic 
B) communist 
C) socialist 
D) capitalist 
A) monopolistic 
B) communist 
C) socialist 
D) capitalist

Question 12

Which of the following is the measurement of the total value of all goods and services produced within a nation's borders over a given period of time?

Accepted Answer

A) consumer price index 
B) net national production 
C) production function 
D) gross domestic product 
A) consumer price index 
B) net national production 
C) production function 
D) gross domestic product

Question 13

Communism is an economic and political system in which a strong central government owns and controls almost all productive enterprises.

Accepted Answer

A) True 
 B)False

Question 14

What occurs when tax revenue is higher than government expenditures?

Accepted Answer

A) windfall 
B) budget surplus 
C) budget deficit 
D) national debt 
A) windfall 
B) budget surplus 
C) budget deficit 
D) national debt

Question 15

The study of economics falls into two broad categories called meta-economics and econometrics.

Accepted Answer

A) True 
 B)False

Question 16

Identify and explain the three key tools the Bank of Canada uses to expand and contract the money supply.

Accepted Answer

The Bank of Canada uses three key tools

Question 17

How would the economies of virtually all nations today be classified?

Accepted Answer

A) communism 
B) pure socialism 
C) pure capitalism 
D) mixed economies 
A) communism 
B) pure socialism 
C) pure capitalism 
D) mixed economies

Question 18

A key economic goal is to provide a deep understanding of past choices that can be used to guide future business decisions.

Accepted Answer

A) True 
 B)False

Question 19

To measure productivity,multiply the number of inputs by the cost of each input.

Accepted Answer

A) True 
 B)False

Question 20

What does the economy represent as a system?

Accepted Answer

A) the means of production only 
B) the non-efficient use of material resources 
C) the flow of resources from production through consumption 
D) the means of capitalistic systems 
A) the means of production only 
B) the non-efficient use of material resources 
C) the flow of resources from production through consumption 
D) the means of capitalistic systems

What is the term for a market structure with many competitors selling virtually identical products?

The nation of High Land has seen a steady increase in the output of goods and services produced within its borders in the last year.What would this indicate?

Why can changes in the producer price index (PPI)predict changes in the consumer price index (CPI)?

The complexity of the economy makes economic forecasting an inexact process.

Which of the following would be studied in the greatest detail in a macroeconomics course?

What does macroeconomics focus on?

What does the consumer price index (CPI)measure?

Microeconomics is the study of broad,economy-wide issues such as the unemployment rate,gross domestic product,and inflation.

What are the two key terms of the business cycle?

Karl Marx envisioned communism as a system that would improve the lot of the common worker.

Which of the following is the measurement of the total value of all goods and services produced within a nation's borders over a given period of time?

Communism is an economic and political system in which a strong central government owns and controls almost all productive enterprises.

What occurs when tax revenue is higher than government expenditures?

The study of economics falls into two broad categories called meta-economics and econometrics.

Identify and explain the three key tools the Bank of Canada uses to expand and contract the money supply.

How would the economies of virtually all nations today be classified?

A key economic goal is to provide a deep understanding of past choices that can be used to guide future business decisions.

To measure productivity,multiply the number of inputs by the cost of each input.

What does the economy represent as a system?

Business Now: Change Is the Only Constant

Business Communication: Creating and Delivering Messages That Matter

Business Ethics and Social Responsibility: Doing Well by Doing Good

Business Formation: Choosing the Form That Fits

Small Business and Entrepreneurship: Economic Rocket Fuel

Accounting: Decision Making by the Numbers

Finance: Acquiring and Using Funds to Maximize Value

Securities Markets : Trading Financial Resources

Marketing: Building Profitable Customer Connections

Part 1: Product and Promotion: Creating and Communicating Value

Part 2: Product and Promotion: Creating and Communicating Value

Distribution and Pricing: Right Product, right Person, right Place, right Price

Management, motivation, and Leadership: Bringing Business to Life

Human Resource Management: Building a Top-Quality Workforce

Managing Information and Technology: Finding New Ways to Learn and Link

Operations Management: Putting It All Together

The World Marketplace: Business Without Borders

Labour-Management Relations

Business Law

Personal Finance

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Exam 4: Economics: the Framework for Business

What is the term for a market structure with many competitors selling virtually identical products?

The nation of High Land has seen a steady increase in the output of goods and services produced within its borders in the last year.What would this indicate?

Why can changes in the producer price index (PPI)predict changes in the consumer price index (CPI)?

The complexity of the economy makes economic forecasting an inexact process.

Which of the following would be studied in the greatest detail in a macroeconomics course?

What does macroeconomics focus on?

What does the consumer price index (CPI)measure?

Microeconomics is the study of broad,economy-wide issues such as the unemployment rate,gross domestic product,and inflation.

What are the two key terms of the business cycle?

Karl Marx envisioned communism as a system that would improve the lot of the common worker.

Which of the following is the measurement of the total value of all goods and services produced within a nation's borders over a given period of time?

Communism is an economic and political system in which a strong central government owns and controls almost all productive enterprises.

What occurs when tax revenue is higher than government expenditures?

The study of economics falls into two broad categories called meta-economics and econometrics.

Identify and explain the three key tools the Bank of Canada uses to expand and contract the money supply.

How would the economies of virtually all nations today be classified?

A key economic goal is to provide a deep understanding of past choices that can be used to guide future business decisions.

To measure productivity,multiply the number of inputs by the cost of each input.

What does the economy represent as a system?

Business Now: Change Is the Only Constant

Business Communication: Creating and Delivering Messages That Matter

Business Ethics and Social Responsibility: Doing Well by Doing Good

Business Formation: Choosing the Form That Fits

Small Business and Entrepreneurship: Economic Rocket Fuel

Accounting: Decision Making by the Numbers

Finance: Acquiring and Using Funds to Maximize Value

Securities Markets : Trading Financial Resources

Marketing: Building Profitable Customer Connections

Part 1: Product and Promotion: Creating and Communicating Value

Part 2: Product and Promotion: Creating and Communicating Value

Distribution and Pricing: Right Product, right Person, right Place, right Price

Management, motivation, and Leadership: Bringing Business to Life

Human Resource Management: Building a Top-Quality Workforce

Managing Information and Technology: Finding New Ways to Learn and Link

Operations Management: Putting It All Together

The World Marketplace: Business Without Borders

Labour-Management Relations

Business Law

Personal Finance

Filters