What are the names of the two ways in which the government influences the business cycle?

Monetary Policy and Fiscal Policy

Both prices and output levels in a monopolistic competition fall between those of:

Perfect competition and monopolies

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Economics

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The basics of Economics including scarcity, opportunity cost, supply and demand, types of businesses, and market structures

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Questions 13

Answers

1
What are the names of the two ways in which the government influences the business cycle?
Monetary Policy and Fiscal Policy
Boom and Bust
Keynesian and Austrian Economics
Expansion and Contraction
2
What is the phase of the business cycle indicated by high unemployment, and low income?
Recession
Slump
Recovery
Boom
3
To have monopolistic competition, businesses must sell goods that are:
exactly the same no matter who sells them
high in price but cheap to produce
similar but not identical
good quality and price
4
Which part of the economy includes the transactions between individuals and private businesses?
Economic Sector
Private Sector
Public Sector
Sector 7-G
5
Steak is an example of...
a normal good
a want
a need
an inferior good
6
Which of the following is NOT a characteristic of perfect competition?
Many buyers and sellers
Sellers offer identical products
Sellers can enter and exit the market freely
There is control over prices
7
What is the most basic economic issue for all societies?
Scarcity
Taxation
Inflation
Recession
8
Which of the following is an indicator of a contraction in the economy?
increasing business investment
increasing inflation
decreasing income
decreasing unemployment
9
What is the term for a market dominated by a few, large firms, with high barriers to entry?
Competitive
Oligopoly
Monopoly
Origami
10
Both prices and output levels in a monopolistic competition fall between those of:
Monopolies and oligopolies
Perfect competition and monopolies
Government monopolies and natural monopolies
Regulated and deregulated
11
In economic terms, what are land, labor, and capital (both human and physical)?
incentives
factors of production
production possibilities
production costs
12
Frank’s Pizza is an example of what type of business with a single person who owns and operates
Partnership
Franchise
Corporation
Sole Proprietorship
13
Which part of the economy includes transaction that involve the government?
Private Sector
Public Sector
Economics Sector
Sector 7-G

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