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Exam 2: How Economic Issues Affect Business

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Question 91

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The nation of Woland has seen its GDP decline severely for four years in a row,with no relief in sight.Unemployment has risen to record levels,prices are falling,and businesses are failing faster than at any time in the past century.The economy of Wo.land is experiencing a depression

A) True
B) False

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Question 92

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Capitalism is the foundation of the Canadian economic system.

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B) False

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Question 93

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Prices are determined by sellers in a free market.

A problem with the CPI is that it measures the price changes of only food and clothing,while ignoring what happens to the prices of such important items as shelter and transportation.

Economics is the study of how people use resources to produce goods and services and distribute them for consumption among various competing groups and individuals.

People are unemployed in Canada for many reasons.

One of the dangers of free markets is that some people will let _______dictate how they act.

Harry Cutter is the owner of Harry's Hairy Business,one of a large number of barbershops that compete against each other in the city where Harry lives.Harry has tried to attract more customers by staying open longer hours than most barbershops,and by advertising heavily on local radio to convince people that he offers the best haircuts in town.Harry appears to be operating in an oligopolistic market.

Although changes in the CPI provide interesting insights into the overall performance of the economy,these changes have little practical impact on the lives of ordinary people.

One of the benefits of communism is that it allows individuals a great deal of freedom to make their own economic decisions.

A typical demand curve shows that:

Some regions of China do not allow their citizens to practices certain religions,change jobs,or move to another town.This is an example of:

The total value of final goods and services produced within a nation's borders in a given year is known as that nation's:

Communism is an economic system where the state makes almost all economic decisions.

In recent years,countries with communist economic systems have:

Although it has been considered a capitalist economy in the past,for the past several years the economy of the nation of Suburbania has become more socialist in its characteristics.Which of the following trends is most likely to be associated with Suburbania's movement toward socialism?

The quantity of a good or service that manufacturers or owners are willing to sell at different prices during a specific time period is known as the:

An increase in productivity means that a worker is now able to produce more goods and services in the same amount of time.

In most large cities there are a large number of bakeries.These bakeries produce similar,but not identical,products.Some bakeries claim to have the best cheesecakes in town,while others brag about their cookies or specialty breads.The bakery market in a large city is an example of:

When describing the state of the Canadian economy,reporters and commentators often refer to figures for the nation's GDP,its unemployment rate,and the CPI.Explain what each of these terms means and why each measure is significant.