WGU C201 Chapter 3 Economic challenges facing
contemporary business questions with verified answers
"(_____) is the government's attempt at reducing the money supply to curb rising
prices, overexpansion, and rapid economic growth." Ans✓✓✓ restrictive
monetary policy
"40. When a government takes in more money than it spends, it is said to have a
(_____)." Ans✓✓✓ budget surplus
"A (_____) occurs when government grants exclusive rights in a single market to a
single firm, such as a utility company." Ans✓✓✓ regulated monopoly
"A measure of desirability of a product, this is one of 6 factors that determine
demand." Ans✓✓✓ customer preference
"Activities like fair trade agreements and educating foreign students at American
business schools address this, one of ""5 global economic challenges of the 21st
century""." Ans✓✓✓ enhancing competition in every country's workforce
"All else remaining unchanged, an increase in (_____) of a product will lower its
market price." Ans✓✓✓ supply
"Among the 6 factors that determine demand, this factor could be increased by a
drop in unemployment." Ans✓✓✓ income of buyers
"Baby boomers represent this ""global economic challenge"" one of 5 we face in
the 21st century." Ans✓✓✓ aging of the population
, "Flooding a market with cheap solar panels could impact this factor, one of 6 that
determines demand." Ans✓✓✓ prices of alternatives
"If buyer optimism improves, the demand curve shifts to the (_____)." Ans✓✓✓
right
"If car prices drop because the price of gas soars, this factor (one of 6 that
determines demand) is in play." Ans✓✓✓ prices of complementary goods
"In (_____), a large number of buyers and sellers exchange homogeneous
products so no single participant has a significant influence on price." Ans✓✓✓
pure competition
"In a (_____) government controls determine business ownership, profits, and
resource allocation." Ans✓✓✓ planned economy
"In a mixed market economy, (_____) defines the trend of replacing public
ownership with private ownership." Ans✓✓✓ privatization
"In the United States, changes in price levels are tracked by the (_____), which
measures the monthly average changes in prices of goods and services."
Ans✓✓✓ consumer price index (CPI)
"Of 4 factors that determine supply, this includes the price of raw materials."
Ans✓✓✓ cost of inputs
contemporary business questions with verified answers
"(_____) is the government's attempt at reducing the money supply to curb rising
prices, overexpansion, and rapid economic growth." Ans✓✓✓ restrictive
monetary policy
"40. When a government takes in more money than it spends, it is said to have a
(_____)." Ans✓✓✓ budget surplus
"A (_____) occurs when government grants exclusive rights in a single market to a
single firm, such as a utility company." Ans✓✓✓ regulated monopoly
"A measure of desirability of a product, this is one of 6 factors that determine
demand." Ans✓✓✓ customer preference
"Activities like fair trade agreements and educating foreign students at American
business schools address this, one of ""5 global economic challenges of the 21st
century""." Ans✓✓✓ enhancing competition in every country's workforce
"All else remaining unchanged, an increase in (_____) of a product will lower its
market price." Ans✓✓✓ supply
"Among the 6 factors that determine demand, this factor could be increased by a
drop in unemployment." Ans✓✓✓ income of buyers
"Baby boomers represent this ""global economic challenge"" one of 5 we face in
the 21st century." Ans✓✓✓ aging of the population
, "Flooding a market with cheap solar panels could impact this factor, one of 6 that
determines demand." Ans✓✓✓ prices of alternatives
"If buyer optimism improves, the demand curve shifts to the (_____)." Ans✓✓✓
right
"If car prices drop because the price of gas soars, this factor (one of 6 that
determines demand) is in play." Ans✓✓✓ prices of complementary goods
"In (_____), a large number of buyers and sellers exchange homogeneous
products so no single participant has a significant influence on price." Ans✓✓✓
pure competition
"In a (_____) government controls determine business ownership, profits, and
resource allocation." Ans✓✓✓ planned economy
"In a mixed market economy, (_____) defines the trend of replacing public
ownership with private ownership." Ans✓✓✓ privatization
"In the United States, changes in price levels are tracked by the (_____), which
measures the monthly average changes in prices of goods and services."
Ans✓✓✓ consumer price index (CPI)
"Of 4 factors that determine supply, this includes the price of raw materials."
Ans✓✓✓ cost of inputs
