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Exam 2: Understanding How Economics Affects Business

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Question 81

Multiple Choice

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

A) Frictional
B) Structural
C) Cyclical
D) Seasonal

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Question 82

Multiple Choice

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When the supply curve and demand curve for a particular good are shown together on a single graph,the point at which the two curves intersect identifies the:

A) Total profit earned by producers.
B) Total amount of labor that will be employed in that market.
C) Amount of time it takes to bring together the buyers and sellers of the good.
D) Equilibrium price of the good.

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Question 83

True/False

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Although mixed economies tend to improve economic conditions,moral values prevent communist nations such as China and Vietnam from progressing in this direction.Overall,economic progress continues to be very slow in these nations. Level of Learning 2: Understanding of concepts and principles

Brain drain has has occurred in many socialistic nations because:

One of the benefits of a free market is that:

___________ exists when a large number of firms produce goods that are similar but are perceived by buyers as being different.

The "Spotlight on Small Business" box in Chapter 2 is titled,"The Key to Capitalism is Capital." Which of the following statements best describes the message of this story?

Mike spends a lot of time blogging.Yesterday,he left the following comment on a site where participants were discussing the pros and cons of healthcare: "If you think healthcare is expensive now,wait until it is free.The problem with free rides is,eventually everyone piles on the bus and no one is left to push it.Then the system collapses." He was responded to by Martha,who added,"Universal healthcare is not a dirty word.It's the salvation for many people.If I have to pay a little more in taxes and know that my neighbor's kids have good pre-school and can see the doctor when needed,it's worth it to me." Mike and Martha are discussing the benefits and drawbacks of:

The price of iPhones™ is falling.In a free-market economic system where everything else is equal,the most likely explanation is:

Patrick just landed a job working for a major online gaming company in Silicon Valley.In a lot of ways,this is his dream job come true - the chance to work for a company that makes gaming software and live in California at the same time.As his plane lands at San Jose International,he pictures a snazzy apartment with a palm tree right outside the front door.A few hours later,as he meets a property manager of a large apartment complex,his heart sinks.The price of apartments is out of sight! Back at the hotel,he logs on to the Bureau of Labor Statistics to try to get a better picture of why the cost of housing is so high in this region of the U.S.Which factors may be causing the rise in the price of housing?

Structural unemployment refers to unemployment caused by the restructuring of firms or by a mismatch between the skills or location of job seekers and the requirements or location of available jobs. Level of Learning 1: Knowledge of key terms

Large educated populations can contribute to an economy by offering knowledge and entrepreneurship. Level of Learning 2: Understanding of concepts and principles

As of 2010,total GDP in the United States was around $14 trillion. Level of Learning 1: Knowledge of key terms

__________ unemployment refers to unemployment caused by the restructuring of firms or by a mismatch between the skills of job seekers and the requirements of available jobs.

Monetary policy is implemented to ease the up and down swings of business cycles,while fiscal policy is implemented to create swings when the cycle is stalled in an economic boom. Level of Learning 2: Understanding of concepts and principles

Sue is a gifted cook.She plans to open a restaurant in which she will be the head chef.Sue is willing to work long hours because she believes that her culinary talents and hard work will allow her business to succeed and earn her sizeable profits.Sue's efforts are most consistent with the economic theory developed by:

In an effort to promote rapid growth,the government of Goldinia has kept taxes low,done little to regulate business activities,and implemented only modest social programs.The government is now facing political pressure to do more to clean up the environment and to reduce the inequalities of income and wealth.Which of the following statements is most accurate? Goldinia's government is currently taking:

A __________ is a very severe recession that is usually accompanied by deflation.

One way to lessen the U.S.government budget deficit is to:

Free-market capitalism has made it more difficult for individuals to gain wealth. Level of Learning 1: Knowledge of key terms