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Exam 2: Understanding Economics and How It Affects Business

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Question 91

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Workers in nations who are strong proponents of communism work much harder and longer hours.

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Question 92

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Countries that wish to avoid shortages and surpluses of goods should adopt a communist system.

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Question 93

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

In a mixed economy, the government's goal is to grow the economy and maintain some measure of social equality.

The size of the national debt increases when the federal government runs a deficit.

We use indicators such as the gross domestic product (GDP), the interest rate, and the price indexes to measure the health of our 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.

140. The government of Ativa has made great progress in its efforts to control its rapid inflation. Although prices are still on the rise, the rate of increase has slowed considerably. This suggests that Ativa is experiencing disinflation.

Economist Thomas Malthus believed that ________ would limit economic progress.

Brain drain has occurred in many socialistic nations because

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

Which of the following statements about government deficit spending is most accurate?

It is understandable that productivity is rising faster in the service sector because service businesses have newer technologies than the manufacturing sector and fewer laborers.

A free market is one in which decisions about what to produce and in what quantities are made by

Adam Smith's research focused on determining the best way to distribute a fixed amount of resources, rather than on how to create more wealth.

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

When the federal government's collection of tax revenues is less than what it spends in a given year, it results in a

Reality, Inc. is a major producer of reality television shows. The company faces fierce competition from three other major producers of similar shows. Together, Reality, Inc. and its three rivals control almost all of reality television. Their market environment is called

Glittering Gems is a popular fashion jewelery company. Although it is gaining in popularity among younger women, its promotional strategy continues to focus on the tarnish-free finish that is applied to every earring, necklace, and ring. Due to the fact that its industry faces monopolistic competition, the company knows that it must continue to differentiate itself from the competition.

Global economics and politics have significant influence on businesses in the United States.