Exam 1: understanding Evolving Economic Systems and Competition

Which of the following is the study of the economy as a whole,looking at aggregate data for large groups of people,companies,or products?

Which one characteristic most clearly defines a market structure?

Which of the following situations occurs when government spending replaces spending by the private sector?

Which of the following is the study of how a society uses scarce resources to produce and distribute goods and services?

If the tourism industry in a Canadian province had 43 percent unemployment due to an economic downturn that gripped the country,the workers in the tourism industry would be experiencing which of the following type of unemployment?

Assume the GDP in Argentina increased by 28 percent in 2010.The economists would adjust the current market prices to take into account inflated values.This adjusted GDP is called which type of the nation's GDP?

The higher the price of a good or service,the greater the quantity demanded.

A retailer of computer games can focus on relationship management by engaging in which of the following practices?

Canada,Great Britain,and Sweden are market economies.

The price of a decorated three-tiered wedding cake from a local supermarket deli recently increased from $105 to $119.The supermarket manager said it was due entirely to increases in sugar and labour costs.The $14 increase is an example of which of the following?

Which of the following measures prices paid by producers and wholesalers for commodities,including raw materials and finished products?

A manager in the life insurance industry examining the national level of personal income,the unemployment rate,interest rates,inflation,and death statistics would be looking at which of her company's environments?

Last year,a mother in a small African nation could buy a pound of flour for the Canadian equivalent of $1.30.Six months ago,an identical pound of flour costs $3.40.Today she would need $5.60 to buy that pound of flour.This example of the general upward movement of prices is called which of the following?

What is the term used to describe the point at which customers' demands for a product equal the amount made available by the producer?

What are the factors of production and why are they important?

What is fiscal policy concerned with?

If the national unemployment rate goes up,which of the following might be a contributing factor?

The ____________________ is the central banking system in Canada that controls our monetary policy.

What is the definition of macroeconomics?

____________________ are the resources used to produce goods and services.