busn 1003 exam 1 latest 2024
The _____ represents the prices of a market basket of goods and services as measured
monthly by the Department of Labor. - ANSWERSconsumer price index (CPI)
The laborers displaced due to assembly line automation at the textile plant may not
have the skills needed to operate the computerized machines that replaced them. This
is an example of _____ unemployment. - ANSWERSstructural
Which of the following countries has a high standard of living? - ANSWERSthe United
States
The government does not consider full employment to mean 100 percent of its citizens
are employed because: - ANSWERSall of the above conditions can add and do exist
RATIONALE:
Market equilibrium is: - ANSWERSthe point at which quantity supplied equals quantity
demanded
Which of the following is an example of a business? - ANSWERSall of the above
(business)
An industry in which a few firms produce most or all of the output of a product and in
which large amounts of capital are needed is called a(n): - ANSWERSoligopoly
In a(n) _____, a few sellers can exert substantial control over prices. -
ANSWERSoligopoly
The situation in which the average of all prices of products is rising is called: -
ANSWERSinflation
The quantity of a product or service that businesses will make available at various
prices is called: - ANSWERSsupply
Fiscal policy is concerned with: - ANSWERStaxation and spending
A decline in real GDP that lasts for two consecutive quarters is called a(n): -
ANSWERSrecession
_____ is the amount of money remaining from a firm's sales revenue after it deducts
production costs, interest costs, and taxes. - ANSWERSprofit
The slope of the demand curve is: - ANSWERSdownward and to the right
, A market in which there are a large number of firms that differentiate their products is
called: - ANSWERSmonopolistic competetition
The standard of living in any country is: - ANSWERSmeasured by the output of goods
and services people can buy with the money they have
In a _____, the factors of production are owned collectively rather than individually, and
no incentives to work harder or to produce quality products are provided. -
ANSWERScommunist economic system
When the government raises taxes on consumers and businesses, it is dealing with
_____ policy. - ANSWERSfiscal
What is the primary difference between a good and a service? - ANSWERSa good is
tangible, a service is intangible
_____ refers to a government's programs for controlling the amount of money in
circulation. - ANSWERSmonetary policy
In Canada, the government owns the communications, transportation, and utilities
industries, while most other activity is carried on by private enterprise. Canada is an
example of: - ANSWERSa mixed economy
Jarvis Washington recently quit his job as a veterinarian's assistant and is now trying to
find a job with another veterinarian. This is an example of _____ unemployment. -
ANSWERSfrictional
RATIONALE:
The economic system under which basic industries are operated by the government or
owned by the private sector under strong government control is called: -
ANSWERSsocialism
Iris Souza started the summer with $30. She took $10 and made signs for her dog
walking service. She posted the signs all over her neighborhood. She used the other
$20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying
herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs),
she had $125 left. What was Souza's profit for her summer job? - ANSWERS$125
With a communist economy system: - ANSWERSnone of the above is true
The unemployment rate is the percentage of the total work force that is not working but
is: - ANSWERSactively looking for work
The implementation of an expansionary policy by the Federal Reserve would result in: -
ANSWERSlower interest rates
The _____ represents the prices of a market basket of goods and services as measured
monthly by the Department of Labor. - ANSWERSconsumer price index (CPI)
The laborers displaced due to assembly line automation at the textile plant may not
have the skills needed to operate the computerized machines that replaced them. This
is an example of _____ unemployment. - ANSWERSstructural
Which of the following countries has a high standard of living? - ANSWERSthe United
States
The government does not consider full employment to mean 100 percent of its citizens
are employed because: - ANSWERSall of the above conditions can add and do exist
RATIONALE:
Market equilibrium is: - ANSWERSthe point at which quantity supplied equals quantity
demanded
Which of the following is an example of a business? - ANSWERSall of the above
(business)
An industry in which a few firms produce most or all of the output of a product and in
which large amounts of capital are needed is called a(n): - ANSWERSoligopoly
In a(n) _____, a few sellers can exert substantial control over prices. -
ANSWERSoligopoly
The situation in which the average of all prices of products is rising is called: -
ANSWERSinflation
The quantity of a product or service that businesses will make available at various
prices is called: - ANSWERSsupply
Fiscal policy is concerned with: - ANSWERStaxation and spending
A decline in real GDP that lasts for two consecutive quarters is called a(n): -
ANSWERSrecession
_____ is the amount of money remaining from a firm's sales revenue after it deducts
production costs, interest costs, and taxes. - ANSWERSprofit
The slope of the demand curve is: - ANSWERSdownward and to the right
, A market in which there are a large number of firms that differentiate their products is
called: - ANSWERSmonopolistic competetition
The standard of living in any country is: - ANSWERSmeasured by the output of goods
and services people can buy with the money they have
In a _____, the factors of production are owned collectively rather than individually, and
no incentives to work harder or to produce quality products are provided. -
ANSWERScommunist economic system
When the government raises taxes on consumers and businesses, it is dealing with
_____ policy. - ANSWERSfiscal
What is the primary difference between a good and a service? - ANSWERSa good is
tangible, a service is intangible
_____ refers to a government's programs for controlling the amount of money in
circulation. - ANSWERSmonetary policy
In Canada, the government owns the communications, transportation, and utilities
industries, while most other activity is carried on by private enterprise. Canada is an
example of: - ANSWERSa mixed economy
Jarvis Washington recently quit his job as a veterinarian's assistant and is now trying to
find a job with another veterinarian. This is an example of _____ unemployment. -
ANSWERSfrictional
RATIONALE:
The economic system under which basic industries are operated by the government or
owned by the private sector under strong government control is called: -
ANSWERSsocialism
Iris Souza started the summer with $30. She took $10 and made signs for her dog
walking service. She posted the signs all over her neighborhood. She used the other
$20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying
herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs),
she had $125 left. What was Souza's profit for her summer job? - ANSWERS$125
With a communist economy system: - ANSWERSnone of the above is true
The unemployment rate is the percentage of the total work force that is not working but
is: - ANSWERSactively looking for work
The implementation of an expansionary policy by the Federal Reserve would result in: -
ANSWERSlower interest rates
