©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
BUSN1003 Exam 1 Questions and
Answers 100% Solvedx
The _____ represents the prices of a market basket of goods and services
as measured monthly by the Department of Labor. - ✔✔consumer 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. - ✔✔structural
Which of the following countries has a high standard of living? - ✔✔the
United States
The government does not consider full employment to mean 100 percent of
its citizens are employed because: - ✔✔all of the above conditions can add
and do exist
RATIONALE:
Market equilibrium is: - ✔✔the point at which quantity supplied equals
quantity demanded
,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Which of the following is an example of a business? - ✔✔all 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): -
✔✔oligopoly
In a(n) _____, a few sellers can exert substantial control over prices. -
✔✔oligopoly
The situation in which the average of all prices of products is rising is
called: - ✔✔inflation
The quantity of a product or service that businesses will make available at
various prices is called: - ✔✔supply
Fiscal policy is concerned with: - ✔✔taxation and spending
A decline in real GDP that lasts for two consecutive quarters is called a(n):
- ✔✔recession
_____ is the amount of money remaining from a firm's sales revenue after
it deducts production costs, interest costs, and taxes. - ✔✔profit
The slope of the demand curve is: - ✔✔downward and to the right
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
A market in which there are a large number of firms that differentiate their
products is called: - ✔✔monopolistic competetition
The standard of living in any country is: - ✔✔measured 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. - ✔✔communist economic system
When the government raises taxes on consumers and businesses, it is
dealing with _____ policy. - ✔✔fiscal
What is the primary difference between a good and a service? - ✔✔a good
is tangible, a service is intangible
_____ refers to a government's programs for controlling the amount of
money in circulation. - ✔✔monetary 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: - ✔✔a mixed economy
BUSN1003 Exam 1 Questions and
Answers 100% Solvedx
The _____ represents the prices of a market basket of goods and services
as measured monthly by the Department of Labor. - ✔✔consumer 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. - ✔✔structural
Which of the following countries has a high standard of living? - ✔✔the
United States
The government does not consider full employment to mean 100 percent of
its citizens are employed because: - ✔✔all of the above conditions can add
and do exist
RATIONALE:
Market equilibrium is: - ✔✔the point at which quantity supplied equals
quantity demanded
,©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
Which of the following is an example of a business? - ✔✔all 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): -
✔✔oligopoly
In a(n) _____, a few sellers can exert substantial control over prices. -
✔✔oligopoly
The situation in which the average of all prices of products is rising is
called: - ✔✔inflation
The quantity of a product or service that businesses will make available at
various prices is called: - ✔✔supply
Fiscal policy is concerned with: - ✔✔taxation and spending
A decline in real GDP that lasts for two consecutive quarters is called a(n):
- ✔✔recession
_____ is the amount of money remaining from a firm's sales revenue after
it deducts production costs, interest costs, and taxes. - ✔✔profit
The slope of the demand curve is: - ✔✔downward and to the right
, ©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.
A market in which there are a large number of firms that differentiate their
products is called: - ✔✔monopolistic competetition
The standard of living in any country is: - ✔✔measured 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. - ✔✔communist economic system
When the government raises taxes on consumers and businesses, it is
dealing with _____ policy. - ✔✔fiscal
What is the primary difference between a good and a service? - ✔✔a good
is tangible, a service is intangible
_____ refers to a government's programs for controlling the amount of
money in circulation. - ✔✔monetary 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: - ✔✔a mixed economy
