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Exam 2: Understanding How Economics Affects Business

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Question 151

Multiple Choice

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__________ unemployment results when the demand for labor varies during the year.

A) Frictional
B) Structural
C) Cyclical
D) Seasonal

E) B) and C)
F) A) and D)

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Question 152

Multiple Choice

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__________ exists when the entire supply of a good is controlled by a single seller.

A) Perfect competition
B) Oligopoly
C) Pure Capitalism
D) A monopoly

E) A) and B)
F) All of the above

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Question 153

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The greed of businesspeople represents one of the greatest dangers to the operation of a free market system. Level of Learning 1: Knowledge of key terms

Economics was known as the "Dismal Science" because:

The economic and political system in which the government owns almost all the major factors of production is called:

Disinflation refers to a situation in which prices continue to rise,but not at the rate they were rising previously. Level of Learning 1: Knowledge of key terms

_____________ refers to a general rise in the price level of goods and services over time.

The total value of final goods and services produced within a nation's borders in a given year is known as that nation's:

The point of intersection between the supply and demand curves is called the stress point. Level of Learning 1: Knowledge of key terms

America's business success is largely due to an economic and social climate that allows businesses to operate freely. Level of Learning 1: Knowledge of key terms

Thomas Malthus believed that people in most countries would never be able to achieve high standards of living unless the problems of overpopulation were addressed. Level of Learning 2: Understanding of concepts and principles

High tax rates that put money into the government's coffers tend to slow spending,and ultimately slow the economy. Level of Learning 2: Understanding of concepts and principles

Product differentiation is a key to success in monopolistic competition. Level of Learning 1: Knowledge of key terms

Larry and Moe are having an argument.Larry believes that over the past year,the economy is experiencing rapid inflation,while Moe says that the economy actually experienced disinflation during this period.The easiest way for Larry and Moe to settle their argument is to look at GDP figures for the past year. Level of Learning 3: Application of principles

Explain the significance of "price" in a free-market economic system.

Which of the following people would tend to favor a socialist economy?

To be classified as unemployed,a person must be at least 16 years old and trying to find a job within the past four weeks. Level of Learning 1: Knowledge of key terms

The U.S.economic system relies on

One of the most significant problems faced by communist nations is:

When describing the state of the U.S.economy,reporters often refer to the nation's GDP,its unemployment rate,and the CPI.Explain what each of these terms means and why each measure is significant.