Question 1

Complete the following using the terms listed below:
-_____ is the sum of all goods and services produced within a country's borders.

Accepted Answer

Gross domestic product (GDP) is defined as the total monetary value of all goods and services produced within a country's borders in a specific time period.

Question 2

List the factors that should cause a supply curve to shift to the left.

Accepted Answer

The answer of List the factors that should cause a...

Question 3

Complete the following using the terms listed below:
-The point where the supply and demand curves meet is the _____.

Accepted Answer

Equilibrium price is the point where the supply and demand curves intersect, indicating a balance between the amount of goods or services supplied and the amount demanded.

Note: The other terms listed are not directly related to the point where supply and demand curves meet.

Question 4

Complete the following using the terms listed below:
-_____ refers to the willingness and ability of buyers to purchase goods and services at various prices.

Accepted Answer

Demand refers to the willingness and ability of buyers to purchase goods and services at various prices.

Question 5

Complete the following using the terms listed below:
-If the government spends more than it collects in taxes, then a(n) _____ occurs.

Accepted Answer

A budget deficit occurs when the government spends more money than it takes in through taxes and other sources of revenue.

Question 6

Complete the following using the terms listed below:
-_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

Accepted Answer

The answer of Complete the following using the terms listed...

Question 7

Complete the following using the terms listed below:
-In a(n) _____, a single seller dominates trade in a product for which buyers can find no close substitute.

Accepted Answer

A monopoly is a situation where a single seller dominates trade in a product for which buyers can find no close substitute.

Question 8

Complete the following using the terms listed below:
-_____ measures the monthly average change in prices of goods and services.

Accepted Answer

The Consumer Price Index (CPI) measures the monthly average change in prices of goods and services, specifically those purchased by consumers.

Question 9

Differentiate between macroeconomics and microeconomics. What types of economic activities might be included in each category?

Accepted Answer

The answer of Differentiate between macroeconomics and microeconomics. What types...

Question 10

Complete the following using the terms listed below:
-During a(n) _____, consumers frequently postpone major purchases and shift buying patterns toward basic, functional products carrying low prices.

Accepted Answer

During a recession, consumers frequently postpone major purchases and shift buying patterns toward basic, functional products carrying low prices.

Question 11

Complete the following using the terms listed below:
-The use of government tax and spending policies to bring about desired changes in the economy is called _____.

Accepted Answer

Fiscal policy is the use of government tax and spending policies to bring about desired changes in the economy.

Question 12

Mention and explain at least three other determinants that could cause changes in demand, besides price.

Accepted Answer

The answer of Mention and explain at least three other...

Question 13

List the four factors of production and provide an example of each factor.

Accepted Answer

The answer of List the four factors of production and...

Question 14

What is economics? Why is understanding economics important in your life?

Accepted Answer

The answer of What is economics? Why is understanding economics...

Question 15

Complete the following using the terms listed below:
-A(n) _____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

Accepted Answer

An oligopoly is characterized by relatively few sellers and barriers to entry due to high start-up costs. This type of market structure allows the few firms in the industry to have more control over prices and limit competition.

Question 16

Complete the following using the terms listed below:
-Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

Accepted Answer

Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called monetary policy.

Question 17

Explain how the interaction of supply and demand will correct a surplus or shortage.

Accepted Answer

The answer of Explain how the interaction of supply and...

Question 18

Complete the following using the terms listed below:
-_____ is a market structure characterized by a large number of buyers and sellers exchanging relatively homogenous products, with no single participant having a significant influence on price.

Accepted Answer

Pure competition is a market structure with many buyers and sellers exchanging homogeneous products, where no one participant has a significant influence on price. This contrasts with monopolies and oligopolies where a single or a few firms have the power to set prices.

Question 19

List the factors that should cause a demand curve to shift to the right.

Accepted Answer

The answer of List the factors that should cause a...

Question 20

Complete the following using the terms listed below:
-Price increases that reduce the amount of goods and services people can purchase with a given amount of money are the result of ______.

Accepted Answer

Inflation is defined as a sustained increase in the general level of prices for goods and services in an economy over a period of time. This results in a decrease in the purchasing power of money, meaning that people can buy fewer goods and services for the same amount of money.

Quiz 3: Economic Challenges Facing Contemporary Business

Complete the following using the terms listed below: -_____ is the sum of all goods and services produced within a country's borders.

List the factors that should cause a supply curve to shift to the left.

Complete the following using the terms listed below: -The point where the supply and demand curves meet is the _____.

Complete the following using the terms listed below: -_____ refers to the willingness and ability of buyers to purchase goods and services at various prices.

Complete the following using the terms listed below: -If the government spends more than it collects in taxes, then a(n) _____ occurs.

Complete the following using the terms listed below: -_____ is the relationship between the goods and services produced in a nation each year and the inputs needed to produce them.

Complete the following using the terms listed below: -In a(n) _____, a single seller dominates trade in a product for which buyers can find no close substitute.

Complete the following using the terms listed below: -_____ measures the monthly average change in prices of goods and services.

Differentiate between macroeconomics and microeconomics. What types of economic activities might be included in each category?

Complete the following using the terms listed below: -During a(n) _____, consumers frequently postpone major purchases and shift buying patterns toward basic, functional products carrying low prices.

Complete the following using the terms listed below: -The use of government tax and spending policies to bring about desired changes in the economy is called _____.

Mention and explain at least three other determinants that could cause changes in demand, besides price.

List the four factors of production and provide an example of each factor.

What is economics? Why is understanding economics important in your life?

Complete the following using the terms listed below: -A(n) _____ is characterized by relatively few sellers and barriers to entry due to high start-up costs.

Complete the following using the terms listed below: -Attempting to bring about changes in economic activity through changes in the size of the nation's money supply is called _____.

Explain how the interaction of supply and demand will correct a surplus or shortage.

Complete the following using the terms listed below: -_____ is a market structure characterized by a large number of buyers and sellers exchanging relatively homogenous products, with no single participant having a significant influence on price.

List the factors that should cause a demand curve to shift to the right.

Complete the following using the terms listed below: -Price increases that reduce the amount of goods and services people can purchase with a given amount of money are the result of ______.