Question 1

Which of the following directions describe the slope of the supply curve?

Accepted Answer

A)  downward and to the left 
B)  upward and to the right 
C)  horizontal 
D)  downward and to the right 
A)  downward and to the left 
B)  upward and to the right 
C)  horizontal 
D)  downward and to the right

Question 2

Monetary policy deals with tax revenues and expenditures at the national level.

Accepted Answer

A) True 
 B)False

Question 3

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 4

Which of the following statements about the interaction of demand and supply is most accurate?

Accepted Answer

A)  At prices below equilibrium,demand exceeds supply. 
B)  Government intervention is usually needed to achieve market equilibrium. 
C)  At prices above equilibrium,suppliers produce less than consumers are willing to buy. 
D)  A surplus of product pushes prices upward. 
A)  At prices below equilibrium,demand exceeds supply. 
B)  Government intervention is usually needed to achieve market equilibrium. 
C)  At prices above equilibrium,suppliers produce less than consumers are willing to buy. 
D)  A surplus of product pushes prices upward.

Question 5

Leo Yoder lost his job as a result of a recession and would be described as experiencing cyclical unemployment.

Accepted Answer

A) True 
 B)False

Question 6

When you graduate from university or college and start looking for a job,you will experience ____________________ unemployment.

Accepted Answer

The answer of When you graduate from university or college...

Question 7

When an analyst is evaluating the construction industry in terms of interest rates,employment cycles,and the rate of new home building nationwide,he is looking at microeconomics.

Accepted Answer

A) True 
 B)False

Question 8

What does a decline in real GDP that lasts for two consecutive quarters represent?

Accepted Answer

A)  economic downsizing 
B)  recession 
C)  depression 
D)  resource divestment 
A)  economic downsizing 
B)  recession 
C)  depression 
D)  resource divestment

Question 9

Which of the following occurs if a country's total expenditures are higher than the revenues received from the taxes it gathers?

Accepted Answer

A)  federal budget deficit 
B)  national surplus 
C)  annual expenditure surplus 
D)  national priority deficit 
A)  federal budget deficit 
B)  national surplus 
C)  annual expenditure surplus 
D)  national priority deficit

Question 10

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 11

In perfect competition,which of the following conditions exist?

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 12

Which concept represents the quantity of a good or service that people are willing to buy at various prices?

Accepted Answer

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

Question 13

____________________ is the general upward movement of prices from year to year.

Accepted Answer

The answer of ____________________ is the general upward movement of...

Question 14

Structural unemployment is unemployment that results from which of the following circumstances?

Accepted Answer

A)  the restructuring of an organization 
B)  the change in business cycles 
C)  a mismatch between the available jobs and the skills of available workers 
D)  people moving to new geographical areas 
A)  the restructuring of an organization 
B)  the change in business cycles 
C)  a mismatch between the available jobs and the skills of available workers 
D)  people moving to new geographical areas

Question 15

Which of the following terms refers to a market in which there are a large number of firms that differentiate their products?

Accepted Answer

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

Question 16

What is the name of the business cycle that follows a recession?

Accepted Answer

A)  upsizing 
B)  prosperity 
C)  inflation 
D)  recovery 
A)  upsizing 
B)  prosperity 
C)  inflation 
D)  recovery

Question 17

In the middle of the mountains in ,northern BC,there are five service stations competing for all the business that exists in this isolated location.When one service station lowers its price on gas,all must follow suit.These service stations are operating in which type of market structure?

Accepted Answer

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

Question 18

What does it mean if the annual inflation rate in a country was 8.1 percent?

Accepted Answer

A)  The people experienced demand-push inflation. 
B)  The people saw a decline in gross domestic profit (GDP). 
C)  The people saw their purchasing power increase from what it was in the previous year. 
D)  The people saw their purchasing power decrease from what it was in the previous year. 
A)  The people experienced demand-push inflation. 
B)  The people saw a decline in gross domestic profit (GDP). 
C)  The people saw their purchasing power increase from what it was in the previous year. 
D)  The people saw their purchasing power decrease from what it was in the previous year.

Question 19

When the government decides to cut military spending,which type of policy is it implementing?

Accepted Answer

A)  monetary 
B)  microeconomic 
C)  fiscal 
D)  operational 
A)  monetary 
B)  microeconomic 
C)  fiscal 
D)  operational

Question 20

Which of the following is a form of unemployment?

Accepted Answer

A)  unseasonal unemployment 
B)  fractional unemployment 
C)  cyclical unemployment 
D)  fiscal unemployment 
A)  unseasonal unemployment 
B)  fractional unemployment 
C)  cyclical unemployment 
D)  fiscal unemployment

Which of the following directions describe the slope of the supply curve?

Monetary policy deals with tax revenues and expenditures at the national level.

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?

Which of the following statements about the interaction of demand and supply is most accurate?

Leo Yoder lost his job as a result of a recession and would be described as experiencing cyclical unemployment.

When you graduate from university or college and start looking for a job,you will experience ____________________ unemployment.

When an analyst is evaluating the construction industry in terms of interest rates,employment cycles,and the rate of new home building nationwide,he is looking at microeconomics.

What does a decline in real GDP that lasts for two consecutive quarters represent?

Which of the following occurs if a country's total expenditures are higher than the revenues received from the taxes it gathers?

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

In perfect competition,which of the following conditions exist?

Which concept represents the quantity of a good or service that people are willing to buy at various prices?

____________________ is the general upward movement of prices from year to year.

Structural unemployment is unemployment that results from which of the following circumstances?

Which of the following terms refers to a market in which there are a large number of firms that differentiate their products?

What is the name of the business cycle that follows a recession?

In the middle of the mountains in ,northern BC,there are five service stations competing for all the business that exists in this isolated location.When one service station lowers its price on gas,all must follow suit.These service stations are operating in which type of market structure?

What does it mean if the annual inflation rate in a country was 8.1 percent?

When the government decides to cut military spending,which type of policy is it implementing?

Which of the following is a form of unemployment?

the Global Marketplace and Governments’ Roles

Social Trends, social Responsibility, and Making Ethical Decisions in Business

Using Technology to Manage Information and for Business Success

Forms of Business Ownership

Entrepreneurship and Small Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Achieving World-class Operations Management

Understanding the Customer

Creating Marketing Strategies

Using Financial Information and Accounting

Understanding Money, financial Institutions, and the Securities Markets

Managing the Firm’s Finances

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Exam 1: understanding Evolving Economic Systems and Competition

Which of the following directions describe the slope of the supply curve?

Monetary policy deals with tax revenues and expenditures at the national level.

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?

Which of the following statements about the interaction of demand and supply is most accurate?

Leo Yoder lost his job as a result of a recession and would be described as experiencing cyclical unemployment.

When you graduate from university or college and start looking for a job,you will experience ____________________ unemployment.

When an analyst is evaluating the construction industry in terms of interest rates,employment cycles,and the rate of new home building nationwide,he is looking at microeconomics.

What does a decline in real GDP that lasts for two consecutive quarters represent?

Which of the following occurs if a country's total expenditures are higher than the revenues received from the taxes it gathers?

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

In perfect competition,which of the following conditions exist?

Which concept represents the quantity of a good or service that people are willing to buy at various prices?

____________________ is the general upward movement of prices from year to year.

Structural unemployment is unemployment that results from which of the following circumstances?

Which of the following terms refers to a market in which there are a large number of firms that differentiate their products?

What is the name of the business cycle that follows a recession?

In the middle of the mountains in ,northern BC,there are five service stations competing for all the business that exists in this isolated location.When one service station lowers its price on gas,all must follow suit.These service stations are operating in which type of market structure?

What does it mean if the annual inflation rate in a country was 8.1 percent?

When the government decides to cut military spending,which type of policy is it implementing?

Which of the following is a form of unemployment?

the Global Marketplace and Governments’ Roles

Social Trends, social Responsibility, and Making Ethical Decisions in Business

Using Technology to Manage Information and for Business Success

Forms of Business Ownership

Entrepreneurship and Small Business

Management and Leadership in Today’s Organizations

Designing Organizational Structures

Motivating Employees

Managing Human Resources and Labour Relations

Achieving World-class Operations Management

Understanding the Customer

Creating Marketing Strategies

Using Financial Information and Accounting

Understanding Money, financial Institutions, and the Securities Markets

Managing the Firm’s Finances

Filters