BUSAD 101 - Introduction to Business » Fall 2020 » Chapter 3 Quiz

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Question #1
If buyers’ incomes increase, the demand curve will shift to the _____ and the prices will _____.
A.   right; fall
B.   left; rise
C.   left; fall
D.   right; rise
Question #2
A demand curve is the schedule that shows the relationship between the price of a product and the _____.
A.   quantity of that product buyers will purchase
B.   overhead costs
C.   quantity of that product manufacturers will supply
D.   social costs
Question #3
As the number of suppliers of a product increases, the supply curve shifts to the _____ and the price will _____.
A.   left; rise
B.   right; rise
C.   left; fall
D.   right; fall
Question #4
There is no direct competition in a particular industry, yet a firm operating in such an industry will have almost no control over pricing. This industry is an example of _____.
A.   an oligopoly
B.   a regulated monopoly
C.   pure competition
D.   monopolistic competition
Question #5
During economic recession:
A.   businesses expand by hiring more employees.
B.   unemployment begins to decline as business activity accelerates.
C.   people turn to lower-priced retailers for the goods they need.
D.   consumer confidence about the future is optimistic.
Question #6
If number of buyers increase, the demand curve for most products will shift to the left.
A.   FALSE
B.   TRUE
Question #7
Assume that the number of first-time home buyers suddenly increases. The demand curve for houses is likely shift to the right.
A.   TRUE
B.   FALSE
Question #8
The U.S. government is trending away from deregulation and toward regulated monopolies.
A.   TRUE
B.   FALSE
Question #9
When a constant amount of inputs generates increased outputs, an increase in productivity occurs.
A.   FALSE
B.   TRUE
Question #10
No country is an economic island in today’s global economy
A.   FALSE
B.   TRUE

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