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BUS 508 Week 2 Chapter 3 Practice Quiz

BUS 508 Week 2 Chapter 3 Practice Quiz

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BUS 508 Week 2 Chapter 3 Practice Quiz -

  • Question 1

A ________ occurs when a firm possesses unique characteristics so important to competition in its industry that they serve as barriers to prevent entry by would-be competitors.

Answer

  • Monopolistic competition
  • Oligopoly
  • Regulated monopoly
  • Pure monopoly

 

  • Question 2

________ analyzes the choices people and governments make in allocating scare resources.

Answer

  • Globalization
  • Economics
  • Marketing
  • Social science

 

  • Question 3

Governments may not privatize state-owned enterprises in an effort to raise funds and improve their economies.

Answer

  • True
  • False

 

  • Question 4

If the government takes in more money than it spends, it is said to have a                              .Answer

  • Budget deficit
  • National debt
  • Budget surplus
  • Balanced budget

 

  • Question 5

An increase in labor productivity means that the same amount of work produces more goods and services than before.

Answer

  • True
  • False

 

  • Question 6

The ________ feature explores whether developing alternative sources of energy will create new jobs to stimulate the economy.

Answer

  • Solving an Ethical Controversy
  • Recession
  • Business cycle
  • Consumer confidence

 

  • Question 7

A common method of influencing economic activity is ________.

Answer

  • Monetary policy
  • Expansionary monetary policy
  • Restrictive monetary policy
  • Fiscal policy

 

  • Question 8

________ is a market structure in which large numbers of buyers and sellers exchange homogeneous products and no single participant has a significant influence on price.

Answer

  • Basic competition
  • Market competition
  • Global competition
  • Pure competition

 

  • Question 9

An ideal economy incorporates steady change directed toward continually expanding the amount of goods and services produced from the nation’s resources.

Answer

  • True
  • False

 

  • Question 10

________ Includes people who are out of work because of a cyclical contraction in the economy.

Answer

  • Frictional unemployment
  • Seasonal unemployment
  • Cyclical unemployment
  • Structural unemployment

 

  • Question 11

The ________ measures the monthly average change in prices of goods and services.

Answer

  • Deflation
  • Inflation
  • Consumer price index
  • Market computation

 

  • Question 12

________ refers to the willingness and ability of buyers to purchase goods and services.

Answer

  • Supply
  • Demand
  • Factor
  • Concept

 

  • Question 13

A  ________ is a market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes.

Answer

  • Oligopoly
  • Monopoly
  • Free market
  • Open market

 

  • Question 14

________ Is the prevailing market price at which you can buy an item.

Answer

  • Selling price
  • Equilibrium price
  • Demand price
  • Supply price

 

  • Question 15

At the heart of every business endeavor is an exchange between a buyer and a seller.

Answer

  • True
  • False

 

  • Question 16

The ________ is the sum of all goods and services produced within its boundaries.

Answer

  • Productivity
  • Gross domestic product
  • Labor-hour
  • Ratio

 

  • Question 17

A ________ means total revenues raised by taxes equal the total proposed spending for the year.

Answer

  • Budget deficit
  • National debt
  • Budget surplus
  • Balanced budget

 

  • Question 18

Each nation’s policies and choices help determine its                                                .

Answer

  • Pure competition
  • Economic system
  • Market economy
  • Enterprise system

 

  • Question 19

When decreased productivity keeps prices steady, it can have a major positive impact on an economy.

Answer

  • True
  • False

 

  • Question 20

A ________ is a cyclical economic contraction that lasts for six months or longer.

Answer

  • Recession
  • Depression
  • Repression
  • Deviation

 

 

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