Exam 3: Economics: The Framework for Business

With the tragedy of the 9/11 attacks and the devastation of Hurricane Katrina, workers in both New York City and New Orleans experienced what type of unemployment?

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(Multiple Choice)

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Question 1

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In capitalism, what gets produced is largely determined by central government planning.

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(True/False)

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Question 2

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False

Compare and contrast the consumer price index (CPI) and producer price index (PPI) as measures of price changes in the economy.

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Question 3

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The government uses two major price indexes to evaluate inflation: the consumer price index (CPI), and the producer price index (PPI).The CPI measures the change in weighted average price over time in a consumer "market basket" of goods and services that the average person buys each month. Statistics Canada creates the basket-which includes hundreds of items, such as housing, transportation, haircuts, wine, and pet care-using data from more than 30000 consumers. While the market basket is meant to represent the average consumer, keep in mind that the "average" includes a lot of variation, so the CPI may not reflect individual personal experience. If you don't have a pet, for example, changes in veterinary costs wouldn't affect you, although they would (slightly) impact the CPI.The PPI measures the change over time in weighted average wholesale prices, or the prices that businesses pay each other for goods and services. Changes in the PPI can sometimes predict changes in the CPI, because producers tend to pass on price increases (and sometimes also price decreases) to consumers within a month or two of the changes.

Macroeconomics is the study of a country's overall economic issues, such as the employment rate, the gross domestic product, and taxation policies.

(True/False)

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Question 4

Frictional unemployment may occur even when the economy is healthy, and may ultimately result in a better match between workers and jobs.

(True/False)

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Question 5

Many countries that have restructured to become more market-oriented have seen dramatic increases in the standard of living for most of their people.

(True/False)

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Question 6

What is a business cycle? Describe the basic phases of a typical business cycle.

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Question 7

How would a market structure that is most likely to result in higher prices, lower quality, and fewer choices for consumers be classified?

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Question 8

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

(True/False)

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Question 9

The value of a Hyundai Sonata built in Ontario would be included in Canadian GDP even though Hyundai is actually a Korean corporation.

(True/False)

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Question 10

In Canada, who has responsibility for the control of the money supply?

(Multiple Choice)

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Question 11

Why are taxes higher in socialist economies than in capitalist economies?

(Multiple Choice)

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Question 12

While Canada relies heavily on free markets, it is actually a mixed economy in which the government owns several major enterprises and regulates many aspects of business operations.

(True/False)

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Question 13

What does the federal government do in order to stimulate competition and protect both consumers and workers?

(Multiple Choice)

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Question 14

Denise is a hard worker, but within the last year she and her boss have not seen eye to eye. Angela, her boss, has become more demanding and harder to reach to get clarification on projects. After one too many long working days with little or no job satisfaction, Denise walks into Angela's office and submits her resignation. Denise knows that her résumé is strong and feels confident she will find work. Which type of unemployment is Denise now facing?

(Multiple Choice)

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Question 15

In which type of system are both producers and consumers free to make their own economic decisions on many basic issues?

(Multiple Choice)

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Question 16

The unemployment rate includes the percentage of people in the labour force of employment age who do not have jobs and are actively seeking employment.

(True/False)

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Question 17

Which of the following structures is used for allocating scarce resources?

(Multiple Choice)

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Question 18

The government of Puritania has begun a program to restructure of the economy, with a goal of moving toward a more market-oriented system. Which of the following is LEAST likely to occur as the result of this restructuring?

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Question 19

What is occurring when prices on average are rising?

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Question 20

Showing 1 - 20 of 170

With the tragedy of the 9/11 attacks and the devastation of Hurricane Katrina, workers in both New York City and New Orleans experienced what type of unemployment?

In capitalism, what gets produced is largely determined by central government planning.

Compare and contrast the consumer price index (CPI) and producer price index (PPI) as measures of price changes in the economy.

Macroeconomics is the study of a country's overall economic issues, such as the employment rate, the gross domestic product, and taxation policies.

Frictional unemployment may occur even when the economy is healthy, and may ultimately result in a better match between workers and jobs.

Many countries that have restructured to become more market-oriented have seen dramatic increases in the standard of living for most of their people.

What is a business cycle? Describe the basic phases of a typical business cycle.

How would a market structure that is most likely to result in higher prices, lower quality, and fewer choices for consumers be classified?

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

The value of a Hyundai Sonata built in Ontario would be included in Canadian GDP even though Hyundai is actually a Korean corporation.

In Canada, who has responsibility for the control of the money supply?

Why are taxes higher in socialist economies than in capitalist economies?

While Canada relies heavily on free markets, it is actually a mixed economy in which the government owns several major enterprises and regulates many aspects of business operations.

What does the federal government do in order to stimulate competition and protect both consumers and workers?

In which type of system are both producers and consumers free to make their own economic decisions on many basic issues?

The unemployment rate includes the percentage of people in the labour force of employment age who do not have jobs and are actively seeking employment.

Which of the following structures is used for allocating scarce resources?

The government of Puritania has begun a program to restructure of the economy, with a goal of moving toward a more market-oriented system. Which of the following is LEAST likely to occur as the result of this restructuring?

What is occurring when prices on average are rising?

Business Now: Change Is the Only Constant

Business Ethics and Social Responsibility: Doing Well by Doing Good

The World Market-Place: Business Without Borders

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

Financial Markets: Allocating Financial Resources

Marketing: Building Profitable Customer Connections

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

Business Communication: Creating and Delivering Messages That Matter

Labour Unions and Collective Bargaining

Business Law

Personal Finance

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