Question 1

The total of all goods and services produced within a country is called

Accepted Answer

A)   Economics.
B)   Macroeconomics.
C)   Gross Domestic Product.
D)   Prosperity.E) B) and D)
F) B) and C)

Question 2

The market structure that is most likely to be regulated is

Accepted Answer

A)   socialism.
B)   communism.
C)   capitalism.
D)   monopoly.E) None of the above
F) B) and D) D

Question 3

Most developed nations have economies that are based on the private economic system, also known as

Accepted Answer

A)   capitalism.
B)   planned economy.
C)   oligopoly.
D)   monopoly.E) All of the above
F) A) and B)

Question 4

________ consists of government spending and taxation decisions to control inflation, encourage economic growth, and balance the Federal budget.

Accepted Answer

A)   National budgeting
B)   Fiscal policy
C)   Expansionary monitory policy
D)   Structured unemploymentE) B) and C)
F) A) and B)

Question 5

Which form of unemployment can best be addressed by economic stimulus actions?

Accepted Answer

A)   frictional
B)   structural
C)   seasonal
D)   cyclicalE) A) and C)
F) A) and B)

Question 6

During which stage of the business cycle is unemployment low and business expanding?

Accepted Answer

A)   growth
B)   decline
C)   recession
D)   prosperityE) A) and C)
F) B) and C)

Question 7

A budget ________ occurs when government spends more than it raises through taxes and fees.

Accepted Answer

A)   surplus
B)   constraint
C)   deficit
D)   balanceE) All of the above
F) A) and B)

Question 8

Economics is the study of

Accepted Answer

A)   the choices people and governments make when allocating scarce resources.
B)   profit and loss at companies.
C)   tax and interest policies.
D)   supply and demand.E) B) and C)
F) B) and D)

Question 9

How does the Canadian government track price changes?

Accepted Answer

A)   Consumer Price Index (CPI) 
B)   Consumer Shopping Measurement (CSM) 
C)   Gross Domestic Product (GDP) 
D)   Index of Canadian Prices (ICP) E) A) and B)
F) A) and D)

Question 10

The money owed by government to individuals, businesses and government agencies is called

Accepted Answer

A)   Gross Domestic Product.
B)   National debt.
C)   Monetary policy.
D)   Fiscal policy.E) All of the above
F) B) and D) B

Question 11

An economic situation marked by soaring prices is called

Accepted Answer

A)   economic growth.
B)   superinflation.
C)   hyperinflation.
D)   disinflation.E) None of the above
F) B) and D)

Question 12

The equilibrium point is

Accepted Answer

A)   easy to predict.
B)   the prevailing market price.
C)   set by suppliers.
D)   constant.E) B) and D)
F) B) and C)

Question 13

Natural resources includes which of the following?

Accepted Answer

A)   textiles
B)   land
C)   concrete
D)   the environmentE) B) and C)
F) None of the above

Question 14

During which stage of the business cycle does unemployment rise and inflation fall?

Accepted Answer

A)   growth
B)   decline
C)   recession
D)   prosperityE) B) and C)
F) A) and D)

Question 15

A ________ budget occurs when total revenues raised by taxes and fees equal the total government spending for the year.

Accepted Answer

A)   surplus
B)   constraint
C)   deficit
D)   balancedE) C) and D)
F) B) and D)

Question 16

The four basic types of competition that take shape in a private enterprise system are

Accepted Answer

A)   macroeconomics, microeconomics monopoly, and capitalism.
B)   socialism, democracy, communism, and capitalism.
C)   pure competition, monopolistic competition, oligopoly, and monopoly.
D)   recession, depression, inflation, and deflation.E) B) and C)
F) A) and B) C

Question 17

An economic system where all the property is shared equally by the people under the direction of a strong central government is called

Accepted Answer

A)   polopoly.
B)   monopoly.
C)   communism.
D)   oligopoly.E) B) and D)
F) None of the above

Question 18

Macroeconomics is the study of small economic units such as households and individual businesses.

Accepted Answer

A) True 
 B)False

Question 19

The study of a country's overall economic issues is called

Accepted Answer

A)   economics.
B)   national economics.
C)   macroeconomics.
D)   current economics.E) None of the above
F) A) and C)

Question 20

Supply is

Accepted Answer

A)   the willingness of buyers to purchase goods and services.
B)   the willingness of sellers to provide goods and services.
C)   what people want to buy.
D)   supply and demand.E) A) and B)
F) A) and C)

Exam 3: Economic Challenges Facing Business Today

The total of all goods and services produced within a country is called

Correct AnswerverifiedShow Answer

The market structure that is most likely to be regulated is

Correct AnswerverifiedD

Most developed nations have economies that are based on the private economic system, also known as

Correct AnswerverifiedShow Answer

________ consists of government spending and taxation decisions to control inflation, encourage economic growth, and balance the Federal budget.

Correct AnswerverifiedShow Answer

Which form of unemployment can best be addressed by economic stimulus actions?

Correct AnswerverifiedShow Answer

During which stage of the business cycle is unemployment low and business expanding?

Correct AnswerverifiedShow Answer

A budget ________ occurs when government spends more than it raises through taxes and fees.

Correct AnswerverifiedShow Answer

Economics is the study of

Correct AnswerverifiedShow Answer

How does the Canadian government track price changes?

Correct AnswerverifiedShow Answer

The money owed by government to individuals, businesses and government agencies is called

Correct AnswerverifiedB

An economic situation marked by soaring prices is called

Correct AnswerverifiedShow Answer

The equilibrium point is

Correct AnswerverifiedShow Answer

Natural resources includes which of the following?

Correct AnswerverifiedShow Answer

During which stage of the business cycle does unemployment rise and inflation fall?

Correct AnswerverifiedShow Answer

A ________ budget occurs when total revenues raised by taxes and fees equal the total government spending for the year.

Correct AnswerverifiedShow Answer

The four basic types of competition that take shape in a private enterprise system are

Correct AnswerverifiedC

An economic system where all the property is shared equally by the people under the direction of a strong central government is called

Correct AnswerverifiedShow Answer

Macroeconomics is the study of small economic units such as households and individual businesses.

Correct AnswerverifiedShow Answer

The study of a country's overall economic issues is called

Correct AnswerverifiedShow Answer

Supply is

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D

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B

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C

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