Busn 1003 Exam 1| Brand New
Exam Questions with 100% Correct
Clear Verified Answers| All Graded
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The _____ represents the prices of a market basket of goods and services as
measured monthly by the Department of Labor. - Answer✅✅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. - Answer✅✅structural
Which of the following countries has a high standard of living? - Answer✅✅the
United States
The government does not consider full employment to mean 100 percent of its
citizens are employed because: - Answer✅✅all of the above conditions can add and
do exist
RATIONALE:
Market equilibrium is: - Answer✅✅the point at which quantity supplied equals
quantity demanded
, Which of the following is an example of a business? - Answer✅✅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): - Answer✅✅oligopoly
In a(n) _____, a few sellers can exert substantial control over prices. -
Answer✅✅oligopoly
The situation in which the average of all prices of products is rising is called: -
Answer✅✅inflation
The quantity of a product or service that businesses will make available at various
prices is called: - Answer✅✅supply
Fiscal policy is concerned with: - Answer✅✅taxation and spending
A decline in real GDP that lasts for two consecutive quarters is called a(n): -
Answer✅✅recession
_____ is the amount of money remaining from a firm's sales revenue after it
deducts production costs, interest costs, and taxes. - Answer✅✅profit
The slope of the demand curve is: - Answer✅✅downward and to the right
A market in which there are a large number of firms that differentiate their products
is called: - Answer✅✅monopolistic competetition
The standard of living in any country is: - Answer✅✅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. -
Answer✅✅communist economic system
When the government raises taxes on consumers and businesses, it is dealing with
_____ policy. - Answer✅✅fiscal
What is the primary difference between a good and a service? - Answer✅✅a good
is tangible, a service is intangible
_____ refers to a government's programs for controlling the amount of money in
circulation. - Answer✅✅monetary policy
Exam Questions with 100% Correct
Clear Verified Answers| All Graded
A+|Latest Premium Update|100%
Guaranteed Success.
The _____ represents the prices of a market basket of goods and services as
measured monthly by the Department of Labor. - Answer✅✅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. - Answer✅✅structural
Which of the following countries has a high standard of living? - Answer✅✅the
United States
The government does not consider full employment to mean 100 percent of its
citizens are employed because: - Answer✅✅all of the above conditions can add and
do exist
RATIONALE:
Market equilibrium is: - Answer✅✅the point at which quantity supplied equals
quantity demanded
, Which of the following is an example of a business? - Answer✅✅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): - Answer✅✅oligopoly
In a(n) _____, a few sellers can exert substantial control over prices. -
Answer✅✅oligopoly
The situation in which the average of all prices of products is rising is called: -
Answer✅✅inflation
The quantity of a product or service that businesses will make available at various
prices is called: - Answer✅✅supply
Fiscal policy is concerned with: - Answer✅✅taxation and spending
A decline in real GDP that lasts for two consecutive quarters is called a(n): -
Answer✅✅recession
_____ is the amount of money remaining from a firm's sales revenue after it
deducts production costs, interest costs, and taxes. - Answer✅✅profit
The slope of the demand curve is: - Answer✅✅downward and to the right
A market in which there are a large number of firms that differentiate their products
is called: - Answer✅✅monopolistic competetition
The standard of living in any country is: - Answer✅✅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. -
Answer✅✅communist economic system
When the government raises taxes on consumers and businesses, it is dealing with
_____ policy. - Answer✅✅fiscal
What is the primary difference between a good and a service? - Answer✅✅a good
is tangible, a service is intangible
_____ refers to a government's programs for controlling the amount of money in
circulation. - Answer✅✅monetary policy
