Chapter Two Quiz - Intro to Business (BUSN101)

__________ 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.

Disinflation

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.

capitalism

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

Cyclical

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.

Economics

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.

socialist

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.

Deflation

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

rising

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.

Chapter Two Quiz - Intro to Business (BUSN101) - Subjecto.com

Chapter Two Quiz – Intro to Business (BUSN101)

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__________ 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.

Disinflation

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.

capitalism

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

Cyclical

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.

Economics

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.

socialist

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.

Deflation

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

rising

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.

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