Chapter 03 & 4 - Test #1

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

Naomi graduated from college in May and is currently looking for a job. This is an example of _____.

Patents, trademarks, and intellectual property are important concerns in the _______environment.

Which of the following refers to the willingness and ability of buyers to purchase goods and services at different price

During an economic recession, consumer spending _____ and unemployment _____.

An understanding of religious holidays is essential in order to overcome _____ international trade barriers.

Even though the United States manufactures textiles, China is able to produce them more efficiently. Thus, China has a _

Farm laborers are out of work for some months after they have harvested and sold their produce. This is an example of __

As the number of suppliers of a product increases, the supply curve shifts to the _____ and the price will _____.

LA based Telecom purchases cell phones manufactured in Asia and sells them in the United States. PMI is engaging in...

The _____ promotes trade by providing financial assistance and waiving debt payments.

During an epidemic, the price of N95's increased. Which is most likely to have a consequence for the price increase

If the cost of producing a good or service increases, the supply curve will shift to the _____ and the price will _____.

The purpose of ______is to make imports more expensive for domestic buyers.

If the prices of substitute goods decrease, the demand curve will shift to the _____ and the price will

A U.S. clothing manufacturer allows an overseas producer to use its designs and specifications to make clothes. This is

The purpose of an expansionary monetary policy is to:

In general, as price of a good or service increases, the quantity demanded:

The study of macroeconomics is _____.

An increase in consumers’ incomes causes the _____.

A country has a good chance of selling more of its goods abroad if it _____.

Monopolistic competition has _____.

An absolute advantage occurs when a country can maintain _____.

Rhodia sells mining equipment to Reherbia in return for cigars. This is an example of _____.

An economist studies the consumer behavior in a particular area. This is an example of _____.

Which of the following statements is true regarding comparative advantage?

_____ occurs when workers lack the necessary skills for available jobs or because the skills they have are no longer in

In the context of fiscal policy, increased taxes and reduced government spending:

The three major types of economic systems are _____.

Assume that the price of gasoline triples. What will likely happen to the demand for fuel-efficient small cars?

Which of the following is an implication of demand curves sloping downward?

Pure competition is different form monopolistic competition in that:

The equilibrium price is established when the _____.

The supply curve will shift left when:

A graph showing the amount of a product that buyers will purchase at different prices is the _____ curve.

According to a supply curve, _____.

Among the types of competition in a private enterprise system, control over price by individual firms is high in a...

If the number of buyers decreases, the demand curve will shift to the _____ and the price will

A demand curve will shift to the left if the _____.

The purpose of a restrictive monetary policy is to:

_____ unemployment is experienced by members of the workforce who are temporarily not working but are looking for jobs.

Industry with low barrier to entry, and many competitors each of whom has no significant control over price.

During economic recession:

.   Henry ventures into a new business with few competitors and requires a huge investment. Prices are competitive

_____ is a commonly used measure of nation’s total productivity.

A demand curve is the schedule that shows the relationship between the price of a product and the

_____ is the relationship between the goods and services produced in a nation each year and the inputs necessary to prod

If buyers’ incomes increase, the demand curve will shift to the _____ and the prices will _____.

Incentives to motivate employees to perform at their highest level are strongest in _____ systems.

The recent recession has left Anya, a manager previously in a hotel, unemployed. This is an example of_____.