Question 1

Another name for a free market economy is capitalism.

Accepted Answer

A) True 
 B)False

Question 2

In an oligopoly,prices for products from different companies tend to be close to the same.

Accepted Answer

A) True 
 B)False

Question 3

__________ means that prices are actually declining.

Accepted Answer

The answer of __________ means that prices are actually declining....

Question 4

As a result of political or economic forces _________ unemployment means there are not enough jobs for people who want work.

Accepted Answer

A)  Seasonal 
B)  Structural 
C)  Cyclical 
D)  Frictional 
A)  Seasonal 
B)  Structural 
C)  Cyclical 
D)  Frictional

Question 5

What are the three major indicators of economic conditions?

Accepted Answer

The gross domestic p

Question 6

Mixed economies exist where some allocation of resources is made by the market and some by the government.

Accepted Answer

A) True 
 B)False

Question 7

Define the four basic types of competition.

Accepted Answer

The four basic types of competition incl

Question 8

Which of the following is a negative consequence of socialism?

Accepted Answer

A)  Brain drain 
B)  Social equity 
C)  Unequal distribution of outcomes 
D)  Severe economic depression 
A)  Brain drain 
B)  Social equity 
C)  Unequal distribution of outcomes 
D)  Severe economic depression

Question 9

The ideal economic situation is when our economy is at equilibrium.

Accepted Answer

A) True 
 B)False

Question 10

Inflation means that prices are actually declining.

Accepted Answer

A) True 
 B)False

Question 11

Communism is an economic and political system in which the state (government)makes almost all economic decisions and owns almost all the major factors of production,including housing for its people.

Accepted Answer

A) True 
 B)False

Question 12

Adam Smith was one of the first people to imagine a system for creating wealth and improving lives of everyone.

Accepted Answer

A) True 
 B)False

Question 13

__________ exists when there are many sellers in a market and no seller is large enough to dictate the price of a product.

Accepted Answer

A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly 
A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly

Question 14

Hot dogs,candy,and personal computers are products that are sold under monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following would likely occur in a free market if all of us decided we wanted to buy a Pittsburgh Steelers t-shirt?

Accepted Answer

A)  The government would regulate the t-shirt industry. 
B)  The price of these t-shirts would go up. 
C)  The number of clothing companies making Steelers t-shirts would increase. 
D)  All of the responses are correct 
A)  The government would regulate the t-shirt industry. 
B)  The price of these t-shirts would go up. 
C)  The number of clothing companies making Steelers t-shirts would increase. 
D)  All of the responses are correct

Question 16

Hot dogs,candy and personal computers are examples of products that are produced under which type of competition?

Accepted Answer

A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly 
A)  Perfect competition 
B)  Monopolistic competition 
C)  Oligopoly 
D)  Monopoly

Question 17

Economics is the study of how society chooses to employ resources to produce goods and service and distribute them for consumption among various competing groups and individuals.

Accepted Answer

A) True 
 B)False

Question 18

Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following economic systems is based on the premise that some,if not most,basic businesses should be government owned so that profits can be evenly distributed among all the people?

Accepted Answer

A)  Capitalism 
B)  Socialism 
C)  Communism 
D)  Mixed 
A)  Capitalism 
B)  Socialism 
C)  Communism 
D)  Mixed

Question 20

A monopoly occurs when there is only one seller that controls the total supply of a product and its price.

Accepted Answer

A) True 
 B)False

Another name for a free market economy is capitalism.

In an oligopoly,prices for products from different companies tend to be close to the same.

__________ means that prices are actually declining.

As a result of political or economic forces _________ unemployment means there are not enough jobs for people who want work.

What are the three major indicators of economic conditions?

Mixed economies exist where some allocation of resources is made by the market and some by the government.

Define the four basic types of competition.

Which of the following is a negative consequence of socialism?

The ideal economic situation is when our economy is at equilibrium.

Inflation means that prices are actually declining.

Communism is an economic and political system in which the state (government)makes almost all economic decisions and owns almost all the major factors of production,including housing for its people.

Adam Smith was one of the first people to imagine a system for creating wealth and improving lives of everyone.

__________ exists when there are many sellers in a market and no seller is large enough to dictate the price of a product.

Hot dogs,candy,and personal computers are products that are sold under monopolistic competition.

Which of the following would likely occur in a free market if all of us decided we wanted to buy a Pittsburgh Steelers t-shirt?

Hot dogs,candy and personal computers are examples of products that are produced under which type of competition?

Economics is the study of how society chooses to employ resources to produce goods and service and distribute them for consumption among various competing groups and individuals.

Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.

Which of the following economic systems is based on the premise that some,if not most,basic businesses should be government owned so that profits can be evenly distributed among all the people?

A monopoly occurs when there is only one seller that controls the total supply of a product and its price.

Introduction

Competing in the Global Marketplace

Forms of Business Ownership

Entrepreneurship: Starting and Managing Your Own Business

Management and Leadership in Todays Organizations

Designing Organizational Structures

Managing Human Resources and Labor Relations

Motivating Employees

Achieving World-Class Operations Management

Creating Products and Pricing Strategies to Meet Customers Needs

Distributing and Promoting Products and Services

Using Technology to Manage Information Lf-Test Scoring Guidelines

Filters

Exam 2: Making Ethical Decisions and Managing a Socially Responsible Business

Another name for a free market economy is capitalism.

In an oligopoly,prices for products from different companies tend to be close to the same.

__________ means that prices are actually declining.

As a result of political or economic forces _________ unemployment means there are not enough jobs for people who want work.

What are the three major indicators of economic conditions?

Mixed economies exist where some allocation of resources is made by the market and some by the government.

Define the four basic types of competition.

Which of the following is a negative consequence of socialism?

The ideal economic situation is when our economy is at equilibrium.

Inflation means that prices are actually declining.

Communism is an economic and political system in which the state (government)makes almost all economic decisions and owns almost all the major factors of production,including housing for its people.

Adam Smith was one of the first people to imagine a system for creating wealth and improving lives of everyone.

__________ exists when there are many sellers in a market and no seller is large enough to dictate the price of a product.

Hot dogs,candy,and personal computers are products that are sold under monopolistic competition.

Which of the following would likely occur in a free market if all of us decided we wanted to buy a Pittsburgh Steelers t-shirt?

Hot dogs,candy and personal computers are examples of products that are produced under which type of competition?

Economics is the study of how society chooses to employ resources to produce goods and service and distribute them for consumption among various competing groups and individuals.

Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.

Which of the following economic systems is based on the premise that some,if not most,basic businesses should be government owned so that profits can be evenly distributed among all the people?

A monopoly occurs when there is only one seller that controls the total supply of a product and its price.

Introduction

Competing in the Global Marketplace

Forms of Business Ownership

Entrepreneurship: Starting and Managing Your Own Business

Management and Leadership in Todays Organizations

Designing Organizational Structures

Managing Human Resources and Labor Relations

Motivating Employees

Achieving World-Class Operations Management

Creating Products and Pricing Strategies to Meet Customers Needs

Distributing and Promoting Products and Services

Using Technology to Manage Information Lf-Test Scoring Guidelines

Filters