BUS 508 CHAPTER 3 QUIZ
BUS 508 CHAPTER 3 QUIZ
1.
When the
government spends more than the amount of money it raises through taxes, it
creates a budget deficit.
2.
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.
3.
When decreased
productivity keeps prices steady, it can have a major positive impact on an
economy.
4.
The ________
feature explores whether developing alternative sources of energy will create
new jobs to stimulate the economy.
5.
________ refers
to the willingness and ability of buyers to purchase goods and services.
6.
A ________ is a
cyclical economic contraction that lasts for six months or longer.
7.
A ________ means
total revenues raised by taxes equal the total proposed spending for the year.
8.
An ideal economy
incorporates steady change directed toward continually expanding the amount of
goods and services produced from the nation’s resources.
9.
________ Is the
prevailing market price at which you can buy an item.
10.
________
analyzes the choices people and governments make in allocating scare resources.
11.
________ is
characterized by government ownership and operation of major industries such as
communications.
12.
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.
13.
An increase in
labor productivity means that the same amount of work produces more goods and
services than before.
14.
A common method
of influencing economic activity is ________.
15.
The ________ is
a self-supporting corporation wholly owned by the federal government.
16.
No country is an
economic island in today’s global economy.
17.
Economists refer
to a nation’s unemployment rate as an indicator of its economic health.
18.
The ________
measures the monthly average change in prices of goods and services.
19.
Each nation’s
policies and choices help determine its
.
20.
A change in
overall demand, on the other hand, does not result in an entirely new demand
curve.
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