Question 1

The three major types of economic systems are _____.

Accepted Answer

A)  collectivism, developed economies, and oligopoly 
B)  individualism, developing economies, and duopoly 
C)  ethnocentrism, cultural relativism, and polycentrism 
D)  capitalism, planned economies, and mixed economies 
A)  collectivism, developed economies, and oligopoly 
B)  individualism, developing economies, and duopoly 
C)  ethnocentrism, cultural relativism, and polycentrism 
D)  capitalism, planned economies, and mixed economies D

Question 2

Consumers can choose from hundreds of different kinds and producers of cheese, each with a slightly different flavor and texture. This type of market structure is known as _____.

Accepted Answer

A)  pure competition 
B)  monopolistic competition 
C)  a monopoly 
D)  an oligopoly 
A)  pure competition 
B)  monopolistic competition 
C)  a monopoly 
D)  an oligopoly B

Question 3

Before the patent on its allergy medicine expired, Renova Pharma Inc. was able to set its own market price for the drug. From which type of market structure did the company benefit?

Accepted Answer

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

Question 4

MATCHING
Complete the following using the terms listed.
-_____ refers to the willingness and ability of buyers to purchase goods and services at different prices.

Accepted Answer

A) Consumer Price Index (CPI) 
B) Inflation 
C) Gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)Pure competition
I)supply
J)Demand
K)Productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly 
A) Consumer Price Index (CPI) 
B) Inflation 
C) Gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)Pure competition
I)supply
J)Demand
K)Productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly

Question 5

In a particular country, the government owns the public transportation, basic services like energy supply and communication, and the core manufacturing firms. Small businesses are privately owned. What type of economic system does this country have?

Accepted Answer

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

Question 6

Equilibrium price is the prevailing market price at which consumers can buy an item.

Accepted Answer

A) True 
 B)False

Question 7

MATCHING
Complete the following using the terms listed.
-The use of government tax and spending policies to bring about desired changes in the economy is called _____.

Accepted Answer

A) Consumer Price Index (CPI) 
B) Inflation 
C) Gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)Pure competition
I)supply
J)Demand
K)Productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly 
A) Consumer Price Index (CPI) 
B) Inflation 
C) Gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)Pure competition
I)supply
J)Demand
K)Productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly

Question 8

The market for pet food is an example of a pure monopoly.

Accepted Answer

A) True 
 B)False

Question 9

In the recovery stage of the business cycle, the economy emerges from recession.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following does NOT make up part of the national debt?

Accepted Answer

A)  Corporate taxes 
B)  Treasury bills 
C)  Treasury notes 
D)  Federal bonds 
A)  Corporate taxes 
B)  Treasury bills 
C)  Treasury notes 
D)  Federal bonds

Question 11

In _____, a local, state, or federal government grants exclusive rights in a certain market to a single firm.

Accepted Answer

A)  pure competition 
B)  oligopolies 
C)  regulated monopolies 
D)  monopolistic competition 
A)  pure competition 
B)  oligopolies 
C)  regulated monopolies 
D)  monopolistic competition

Question 12

A particular industry has only a few competitors, who have some control over price. However, high start-up costs make entry into the industry difficult. This industry is an example of _____.

Accepted Answer

A)  pure competition 
B)  monopolistic competition 
C)  an oligopoly 
D)  a pure monopoly 
A)  pure competition 
B)  monopolistic competition 
C)  an oligopoly 
D)  a pure monopoly

Question 13

Naomi graduated from college in May and is currently looking for a job. This is an example of _____.

Accepted Answer

A)  structural unemployment 
B)  cyclical unemployment 
C)  seasonal unemployment 
D)  frictional unemployment 
A)  structural unemployment 
B)  cyclical unemployment 
C)  seasonal unemployment 
D)  frictional unemployment

Question 14

The purpose of an expansionary monetary policy is to:

Accepted Answer

A)  limit entrepreneurial activities. 
B)  increase the money supply. 
C)  increase the cost of borrowing. 
D)  curb rising prices. 
A)  limit entrepreneurial activities. 
B)  increase the money supply. 
C)  increase the cost of borrowing. 
D)  curb rising prices.

Question 15

MATCHING
Complete the following using the terms listed.
-A(n) _____ is a market structure characterized by relatively few sellers and barriers to entry resulting from high start-up costs.

Accepted Answer

A) Consumer Price Index (CPI) 
B) Inflation 
C) Gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)Pure competition
I)supply
J)Demand
K)Productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly 
A) Consumer Price Index (CPI) 
B) Inflation 
C) Gross domestic product (GDP) 
D) fiscal policy 
E) monetary policy
F)equilibrium price
G)budget deficit
H)Pure competition
I)supply
J)Demand
K)Productivity
L)recession
M)microeconomics
N)oligopoly
O)monopoly

Question 16

The conversion of government-owned and operated postal service into a privately held business would be an example of _____.

Accepted Answer

A)  nationalization 
B)  government appropriation 
C)  commercialization 
D)  privatization 
A)  nationalization 
B)  government appropriation 
C)  commercialization 
D)  privatization

Question 17

The core inflation rate consists of an economy's inflation rate after removing energy and food prices.

Accepted Answer

A) True 
 B)False

Question 18

North Korea is currently shifting toward a more market-oriented economy.

Accepted Answer

A) True 
 B)False

Question 19

When a manager tries to evaluate the price and the quantity of a product that will be sold, he or she is dealing with microeconomics.

Accepted Answer

A) True 
 B)False

Question 20

Assume that the price of gasoline triples. What will likely happen to the demand for fuel-efficient small cars? The demand curve will shift to the _____ and demand will _____.

Accepted Answer

A)  right; decrease 
B)  left; increase 
C)  right; increase 
D)  left; decrease 
A)  right; decrease 
B)  left; increase 
C)  right; increase 
D)  left; decrease

The three major types of economic systems are _____.

Consumers can choose from hundreds of different kinds and producers of cheese, each with a slightly different flavor and texture. This type of market structure is known as _____.

Before the patent on its allergy medicine expired, Renova Pharma Inc. was able to set its own market price for the drug. From which type of market structure did the company benefit?

MATCHING Complete the following using the terms listed. -_____ refers to the willingness and ability of buyers to purchase goods and services at different prices.

In a particular country, the government owns the public transportation, basic services like energy supply and communication, and the core manufacturing firms. Small businesses are privately owned. What type of economic system does this country have?

Equilibrium price is the prevailing market price at which consumers can buy an item.

MATCHING Complete the following using the terms listed. -The use of government tax and spending policies to bring about desired changes in the economy is called _____.

The market for pet food is an example of a pure monopoly.

In the recovery stage of the business cycle, the economy emerges from recession.

Which of the following does NOT make up part of the national debt?

In _____, a local, state, or federal government grants exclusive rights in a certain market to a single firm.

A particular industry has only a few competitors, who have some control over price. However, high start-up costs make entry into the industry difficult. This industry is an example of _____.

Naomi graduated from college in May and is currently looking for a job. This is an example of _____.

The purpose of an expansionary monetary policy is to:

MATCHING Complete the following using the terms listed. -A(n) _____ is a market structure characterized by relatively few sellers and barriers to entry resulting from high start-up costs.

The conversion of government-owned and operated postal service into a privately held business would be an example of _____.

The core inflation rate consists of an economy's inflation rate after removing energy and food prices.

North Korea is currently shifting toward a more market-oriented economy.

When a manager tries to evaluate the price and the quantity of a product that will be sold, he or she is dealing with microeconomics.

Assume that the price of gasoline triples. What will likely happen to the demand for fuel-efficient small cars? The demand curve will shift to the _ and demand will _.

The Changing Face of Business

Business Ethics and Social Responsibility

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labor Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

Exam 3: Economic Challenges Facing Contemporary Business

The three major types of economic systems are _____.

Consumers can choose from hundreds of different kinds and producers of cheese, each with a slightly different flavor and texture. This type of market structure is known as _____.

Before the patent on its allergy medicine expired, Renova Pharma Inc. was able to set its own market price for the drug. From which type of market structure did the company benefit?

MATCHING Complete the following using the terms listed. -_____ refers to the willingness and ability of buyers to purchase goods and services at different prices.

In a particular country, the government owns the public transportation, basic services like energy supply and communication, and the core manufacturing firms. Small businesses are privately owned. What type of economic system does this country have?

Equilibrium price is the prevailing market price at which consumers can buy an item.

MATCHING Complete the following using the terms listed. -The use of government tax and spending policies to bring about desired changes in the economy is called _____.

The market for pet food is an example of a pure monopoly.

In the recovery stage of the business cycle, the economy emerges from recession.

Which of the following does NOT make up part of the national debt?

In _____, a local, state, or federal government grants exclusive rights in a certain market to a single firm.

A particular industry has only a few competitors, who have some control over price. However, high start-up costs make entry into the industry difficult. This industry is an example of _____.

Naomi graduated from college in May and is currently looking for a job. This is an example of _____.

The purpose of an expansionary monetary policy is to:

MATCHING Complete the following using the terms listed. -A(n) _____ is a market structure characterized by relatively few sellers and barriers to entry resulting from high start-up costs.

The conversion of government-owned and operated postal service into a privately held business would be an example of _____.

The core inflation rate consists of an economy's inflation rate after removing energy and food prices.

North Korea is currently shifting toward a more market-oriented economy.

When a manager tries to evaluate the price and the quantity of a product that will be sold, he or she is dealing with microeconomics.

Assume that the price of gasoline triples. What will likely happen to the demand for fuel-efficient small cars? The demand curve will shift to the _____ and demand will _____.

The Changing Face of Business

Business Ethics and Social Responsibility

Competing in World Markets

Forms of Business Ownership and Organization

Starting Your Own Business: the Entrepreneurship Alternative

Management, Leadership, and the Internal Organization

Human Resource Management: From Recruitment to Labor Relations

Top Performance Through Empowerment, Teamwork, and Communication

Production and Operations Management

Customer-Driven Marketing

Product and Distribution Strategies

Promotion and Pricing Strategies

Using Technology to Manage Information

Understanding Accounting and Financial Statements

The Financial System

Financial Management

Filters

Assume that the price of gasoline triples. What will likely happen to the demand for fuel-efficient small cars? The demand curve will shift to the _ and demand will _.