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.   left; fall
B.   right; rise
C.   right; fall
D.   left; 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.   social costs
C.   overhead costs
D.   quantity of that product manufacturers will supply
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; fall
C.   right; rise
D.   left; 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.   monopolistic competition
C.   a regulated monopoly
D.   pure competition
Question #5
During economic recession:
A.   people turn to lower-priced retailers for the goods they need.
B.   unemployment begins to decline as business activity accelerates.
C.   businesses expand by hiring more employees.
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.   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.   TRUE
B.   FALSE
Question #10
No country is an economic island in today’s global economy
A.   FALSE
B.   TRUE

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