Question 1

As prices of goods and services rise,the quantity demanded will generally decline.

Accepted Answer

A) True 
 B)False  True

Question 2

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. B

Question 3

If buyers' incomes increase,the demand curve will shift to the _____ and the prices will _____.

Accepted Answer

A) right;rise 
B) left;fall 
C) right;fall 
D) left;rise 
A) right;rise 
B) left;fall 
C) right;fall 
D) left;rise A

Question 4

The government of Oaksland,a less-developed country,has been spending the revenue generated from taxes and fees on infrastructural development,health care,and public utilities.Its expenditure has exceeded its revenue.This condition referred to as a _____.

Accepted Answer

A) trade surplus 
B) positive balance of payment 
C) break-even point 
D) budget deficit 
A) trade surplus 
B) positive balance of payment 
C) break-even point 
D) budget deficit

Question 5

Complete the following using the terms listed.
-_____ is an economic situation characterized by price increases that reduce the amount of goods and services people can purchase with a given amount of money.

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 6

The purpose of a restrictive monetary policy is to:

Accepted Answer

A) stimulate spending. 
B) reduce the cost of borrowing. 
C) stimulate employment. 
D) curb rising prices and overexpansion. 
A) stimulate spending. 
B) reduce the cost of borrowing. 
C) stimulate employment. 
D) curb rising prices and overexpansion.

Question 7

Harlson Inc.is the sole supplier of cosmetic nose implants.Which of the following market structures does Harlson exhibit?

Accepted Answer

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

Question 8

Complete the following using the terms listed.
-_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

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 9

Socialism is one of the four market structures found in a private enterprise system.

Accepted Answer

A) True 
 B)False

Question 10

If the cost of producing a good or service increases,the supply curve will shift to the _____ and the price will _____.

Accepted Answer

A) right;fall 
B) right;rise 
C) left;fall 
D) left;rise 
A) right;fall 
B) right;rise 
C) left;fall 
D) left;rise

Question 11

Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.

Accepted Answer

A) True 
 B)False

Question 12

Assume that the number of people wanting to buy houses in your locality increases sharply.This will cause the price of houses to increase,which is an example of _____.

Accepted Answer

A) demand-pull inflation 
B) cost-push inflation 
C) supply-side deflation 
D) credit deflation 
A) demand-pull inflation 
B) cost-push inflation 
C) supply-side deflation 
D) credit deflation

Question 13

Microeconomics examines not just the economic policies of individual nations,but the ways in which those individual policies affect the overall world economy.

Accepted Answer

A) True 
 B)False

Question 14

List the factors that should cause a supply curve to shift to the left.

Accepted Answer

The factors that cause a supply curve to

Question 15

In the context of fiscal policy,increased taxes and reduced government spending:

Accepted Answer

A) restrict economic activities. 
B) create more profits for firms. 
C) increase a nation's gross domestic product 
D) cut unemployment rates. 
A) restrict economic activities. 
B) create more profits for firms. 
C) increase a nation's gross domestic product 
D) cut unemployment rates.

Question 16

Complete the following using the terms listed.
-_____ is the sum of all goods and services produced within a country's borders.

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 17

Individuals who lose their jobs due to structural reasons are generally unemployed only for a short period of time.

Accepted Answer

A) True 
 B)False

Question 18

Incentives to motivate employees to perform at their highest level are strongest in _____ systems.

Accepted Answer

A) capitalist 
B) communist 
C) socialist 
D) collectivist 
A) capitalist 
B) communist 
C) socialist 
D) collectivist

Question 19

_____ is an economic system in which private property is eliminated.

Accepted Answer

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

Question 20

During economic recession:

Accepted Answer

A) unemployment begins to decline as business activity accelerates. 
B) businesses expand by hiring more employees. 
C) people turn to lower-priced retailers for the goods they need. 
D) consumer confidence about the future is optimistic. 
A) unemployment begins to decline as business activity accelerates. 
B) businesses expand by hiring more employees. 
C) people turn to lower-priced retailers for the goods they need. 
D) consumer confidence about the future is optimistic.

As prices of goods and services rise,the quantity demanded will generally decline.

The purpose of an expansionary monetary policy is to:

If buyers' incomes increase,the demand curve will shift to the _ and the prices will _.

The government of Oaksland,a less-developed country,has been spending the revenue generated from taxes and fees on infrastructural development,health care,and public utilities.Its expenditure has exceeded its revenue.This condition referred to as a _____.

Complete the following using the terms listed. -_____ is an economic situation characterized by price increases that reduce the amount of goods and services people can purchase with a given amount of money.

The purpose of a restrictive monetary policy is to:

Harlson Inc.is the sole supplier of cosmetic nose implants.Which of the following market structures does Harlson exhibit?

Complete the following using the terms listed. -_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

Socialism is one of the four market structures found in a private enterprise system.

If the cost of producing a good or service increases,the supply curve will shift to the _ and the price will _.

Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.

Assume that the number of people wanting to buy houses in your locality increases sharply.This will cause the price of houses to increase,which is an example of _____.

Microeconomics examines not just the economic policies of individual nations,but the ways in which those individual policies affect the overall world economy.

List the factors that should cause a supply curve to shift to the left.

In the context of fiscal policy,increased taxes and reduced government spending:

Complete the following using the terms listed. -_____ is the sum of all goods and services produced within a country's borders.

Individuals who lose their jobs due to structural reasons are generally unemployed only for a short period of time.

Incentives to motivate employees to perform at their highest level are strongest in _____ systems.

_____ is an economic system in which private property is eliminated.

During economic recession:

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

Trends in E-Commerce

Filters

Exam 3: Economic Challenges Facing Todays Business

As prices of goods and services rise,the quantity demanded will generally decline.

The purpose of an expansionary monetary policy is to:

If buyers' incomes increase,the demand curve will shift to the _____ and the prices will _____.

The government of Oaksland,a less-developed country,has been spending the revenue generated from taxes and fees on infrastructural development,health care,and public utilities.Its expenditure has exceeded its revenue.This condition referred to as a _____.

Complete the following using the terms listed. -_____ is an economic situation characterized by price increases that reduce the amount of goods and services people can purchase with a given amount of money.

The purpose of a restrictive monetary policy is to:

Harlson Inc.is the sole supplier of cosmetic nose implants.Which of the following market structures does Harlson exhibit?

Complete the following using the terms listed. -_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

Socialism is one of the four market structures found in a private enterprise system.

If the cost of producing a good or service increases,the supply curve will shift to the _____ and the price will _____.

Economic growth leads to expanded job opportunities,improved wages,and an increased standard of living.

Assume that the number of people wanting to buy houses in your locality increases sharply.This will cause the price of houses to increase,which is an example of _____.

Microeconomics examines not just the economic policies of individual nations,but the ways in which those individual policies affect the overall world economy.

List the factors that should cause a supply curve to shift to the left.

In the context of fiscal policy,increased taxes and reduced government spending:

Complete the following using the terms listed. -_____ is the sum of all goods and services produced within a country's borders.

Individuals who lose their jobs due to structural reasons are generally unemployed only for a short period of time.

Incentives to motivate employees to perform at their highest level are strongest in _____ systems.

_____ is an economic system in which private property is eliminated.

During economic recession:

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

Trends in E-Commerce

Filters

If buyers' incomes increase,the demand curve will shift to the _ and the prices will _.

If the cost of producing a good or service increases,the supply curve will shift to the _ and the price will _.