BBA131 Chapter 1 quiz

Question1
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Question text
The _____ is the pattern of short-term ups and
downs in an economy.
Select one:
a.
aggregate output
b. business cycle
c. standard
of living
d.
balance of payments

_____ is the condition in an economic system in which the amount
of money available and the number of goods and services produced are growing at
about the same rate.
Select one:
a.
Deflation
b. Stability
c.
Expansion
d.
Unemployment

Question3
Question text
When the quantity demanded exceeds the quantity
supplied, a _____ will result.
Select one:
a. shortage
b.
equilibrium point
c. surplus
d.
demand deficit
Question4
Question text
The term _____ refers to the total quantity and
quality of goods and services that people living in an economic system can
purchase.
Select one:
a.
aggregate output
b. consumer
price index
c. standard
of living
d. business cycle
Question 5
A _____ is a period during which aggregrate output as
measured by real GDP declines.

Select one:
a. shortage
b.
recession
c. stabilization policy
d. depression
_____ exists when an industry has only a handful of sellers, most
of which are large.
Select one:
a.
Monopolistic competition
b.
Perfect competition
c.
A monopoly
d.
An oligopoly

The _____ refers to the total value of all goods
and services produced within a given period by a national economy through
domestic factors of production.
Select one:
a.
aggregate output
b. consumer
price index
c. gross domestic product
d.
standard of living

Which of the following is an important element
of an organization’s external environment?
Select one:
a.
technological environment
b. all of them are important
c.
sociocultural environment
d.
political-legal environment

_____ is a measure of economic growth that compares how much a
system produces with the resources needed to produce it.
Select one:
a.
Purchasing power parity
b. Productivity
c.
Stability
d.
Inflation

An _____ is a nation’s basis for allocating its resources among
its citizens.
Select one:
a.
economic system
b.
ownership system
c.
autocratic system
d.
institutional system

The _____ is the amount of money that the
government owes to its creditors.
Select one:
a.
aggregate output
b. national debt
c. business
cycle
d.
standard of living

_____ is the economic condition characterized by
widespread increased prices without increased purchasing power.
Select one:
a.
Deflation
b. Inflation
c.
Unemployment
d.
Expansion

The price at which the quantity of goods demanded and the quantity
of goods supplied are equal is referred to as _____.
Select one:
a.
the fixed point price
b.
the equilibrium price
c.
consumer equality price
d.
the deal-maker price

The process of converting government enterprises
into privately owned firms is called _____.
Select one:
a. socialism
b. privatization
c.
entrepreneurship
d.
demand

In the city of Westminster, Christmas trees are
being sold for $25. At this price, buyers are able to satisfy their demand,
though some trees remain unsold. This is the market condition known as _____.
Select one:
a. surplus
b. overage
c. shortage
d.
demand deficit

After considering the textbook’s definition of business, how are
universities and hospitals different from the organizations described?
Select one:
a.
Their organizational boundaries are narrower than normal.
b.
They are not affected by
the global environment.
c.
They typically are not profit-seeking.
d.
They do not produce goods or services.

A _____ economy has characteristics of both
planned and market economies.
Select one:
a.
capitalist
b. mixed market
c.
privatized
d.
hybrid

Which of the following exists when an industry or market has only
one producer?
Select one:
a.
communism
b.
monopoly
c.
oligopoly
d.
perfect competition

A nation controls the size of its money supply through _____
policy.
Select one:
a.
monetary
b.
welfare
c.
economic
d.
fiscal

A nation manages the collection and spending of its revenues
through _____ policy.
Select one:
a.
foreign
b.
fiscal
c.
monetary
d.
economic

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