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

__________ is an economic system based on the premise that some,if not most,basic businesses-such as steel mills,coal mines and utilities-should be owned by the government so that profits can be evenly distributed among all the people.

A recession occurs when two or more quarters show increases in the GDP.

The loss of the best and brightest people to other countries is called "brain drain".

A(n)___________ is a form of competition in which just a few sellers dominate a market.

Monetary policy is ultimately what adds or subtracts money from the economy.

___________ examines the behavior of people and organizations in particular markets.

Which of the following statements about monetary policy is most true?

_________ refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.

Socialism is an economic system based on the premise that all businesses should be owned by the government.

Explain the difference between microeconomics and macroeconomics.

Command economies exist when the government largely decides what goods and services get produced,who gets them and how the economy grows.

_________ refers to the quantity of products that people are willing and able to buy at different prices at a specific time.

A major indicator of economic conditions is:

Macroeconomics examines the behavior of people and organizations in particular markets.

A(n)__________ is a form of competition in which just a few sellers dominate a market.

Utilities such as natural gas and water generally compete as:

Another name for the business cycle is the economic cycle.

Which of the following economic systems in which the state makes almost all economic decisions and owns almost all the major factors of production,including housing for its people?

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