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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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