Chapter Two Quiz – Intro to Business (BUSN101)

Your page rank:

Total word count: 578
Pages: 2

Calculate the Price

- -
275 words
Looking for Expert Opinion?
Let us have a look at your work and suggest how to improve it!
Get a Consultant

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

A monopoly

Economics is the study of how a society _________________.

employs resources to produce goods and services and distribute them among competing groups and individuals

__________ is a condition in which the price increases are slowing.


When prices are free to adjust over time, in the long run, the market price of a good tends to:

Equal the equilibrium price.

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

Persistent shortages of basic goods such as food and clothing.

A typical demand curve shows that:

People tend to buy more of a good when its price decreases.

The Federal Reserve Bank operates:

as a semi-private organization not under the direct control of the government

Under capitalism:

Most of the means of production and distribution are privately owned and operated for profit.

A major premise of a socialist system is:

To reduce the inequality in the distribution of wealth.

There are some restrictions on freedom of assembly and freedom of speech under a ____________ system.

mixed economy

The _________ is a statistic used to compute the pace of inflation or deflation.

consumer price index

If a shortage exists for a good in a free-market economy, the:

Price of the good will rise.

Which of the following statements most accurately identifies a limitation of the free-market economic system?

Free-market economies tend to result in unequal distribution of wealth.

The social and economic goals of __________ include private ownership of land and business.


__________ unemployment refers to loss of jobs due to a recession or a similar downturn in the economy.


Efforts by the Federal Reserve Bank (the Fed) to control the money supply and interest rates are known as:

monetary policy

The measure used to report price changes at the wholesale level is the:

producer price index (PPI).

Three important economic indicators of the United States are the unemployment rate, the price indices, and the:

gross domestic product (GDP).

Thomas Malthus was pessimistic about the ability of a society to achieve high standards of living for most of its citizens because he believed that:

Significant population growth would result in shortages of food and resources.

Today, the economic systems of most nations could most accurately be classified as:

Mixed economies.

When the government runs a continual budget deficit, it increases the:

National debt.

__________ is the study of how a society employs its limited resources to produce goods and services and how it distributes them among competing groups and individuals.


Keynesian economic theory suggests:

Short-term increases in government spending to stimulate the economy.

Under the __________ system the number of choices in the market is directly related to government involvement in markets.


A simple supply curve shows a relationship between the:

Price of a good and the quantity of that good sellers are willing to offer for sale at a specific point in time.

The presence of competition in free markets:

Usually results in better quality and lower prices

A command economic system is characterized by:

Reliance on the government to determine what is produced and who gets the output.

__________ is a condition in which the average level of prices is actually falling.


In recent years, U.S. manufacturing sector has experienced ___________ productivity.


If businesses are producing at capacity, and the nation is experiencing almost full employment (a very low rate of unemployment – less than 2%), the Fed may decide to:

Increase interest rates.

Share This

More flashcards like this

NCLEX 10000 Integumentary Disorders

When assessing a client with partial-thickness burns over 60% of the body, which finding should the nurse report immediately? a) ...

Read more


A client with amyotrophic lateral sclerosis (ALS) tells the nurse, "Sometimes I feel so frustrated. I can’t do anything without ...

Read more

NASM Flashcards

Which of the following is the process of getting oxygen from the environment to the tissues of the body? Diffusion ...

Read more

Unfinished tasks keep piling up?

Let us complete them for you. Quickly and professionally.

Check Price

Successful message