Question 1

__________ 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.

Accepted Answer

The answer of __________ is an economic system based on...

Question 2

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

Accepted Answer

A) True 
 B)False

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A)  Perfect competitor 
B)  Monopolistic competitor 
C)  Oligopoly 
D)  Monopoly

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

The answer of ___________ examines the behavior of people and...

Question 7

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

Accepted Answer

A)  This policy is what adds or subtracts money from the country. 
B)  Monetary policy is controlled by the Federal Reserve System. 
C)  The most obvious role of the Federal Reserve System is to raise and lower interest rates. 
D)  All of the responses are correct

Question 8

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

Accepted Answer

The answer of _________ refers to the quantity of products...

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Explain the difference between microeconomics and macroeconomics.

Accepted Answer

The answer of Explain the difference between microeconomics and macroeconomics....

Question 11

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

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

The answer of _________ refers to the quantity of products...

Question 13

A major indicator of economic conditions is:

Accepted Answer

A)  The gross domestic product (GDP) 
B)  The unemployment rate 
C)  The price index 
D)  All of the responses are correct

Question 14

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

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

The answer of A(n)__________ is a form of competition in...

Question 16

Utilities such as natural gas and water generally compete as:

Accepted Answer

A)  Perfect competitors 
B)  Monopolistic competitors 
C)  Oligopolies 
D)  Monopolies

Question 17

Another name for the business cycle is the economic cycle.

Accepted Answer

A) True 
 B)False

Question 18

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?

Accepted Answer

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

Question 19

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

Accepted Answer

A) True 
 B)False

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.