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; rise
B.   right; fall
C.   left; rise
D.   left; fall
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.   quantity of that product manufacturers will supply
C.   overhead costs
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.   right; rise
B.   left; fall
C.   right; fall
D.   left; rise
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.   a regulated monopoly
B.   pure competition
C.   an oligopoly
D.   monopolistic competition
Question #5
During economic recession:
A.   people turn to lower-priced retailers for the goods they need.
B.   businesses expand by hiring more employees.
C.   unemployment begins to decline as business activity accelerates.
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.   TRUE
B.   FALSE
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.   FALSE
B.   TRUE
Question #8
The U.S. government is trending away from deregulation and toward regulated monopolies.
A.   FALSE
B.   TRUE
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.   TRUE
B.   FALSE

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