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

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Question #1
In general, as price of a good or service increases, the quantity demanded:
A.   stays the same
B.   decreases
C.   increases
D.   depends on the type of product or service
Question #2
If buyers’ incomes increase, the demand curve will shift to the ________ and the price may ________.
A.   left; fall
B.   left; rise
C.   right; rise or fall
D.   right; fall
Question #3
The conversion of the postal service from government-owned and operated into privately held businesses would be an example of ________.
A.   pure competition
B.   deregulation
C.   privatization
D.   regulated monopolies
Question #4
James is trained as a bookbinder. With the increase in electronic books, the demand for his services is scare. He is experiencing ________unemployment.
A.   cyclical
B.   frictional
C.   seasonal
D.   structural
Question #5
The federal government lowers corporate income tax rates in the U.S. This change likely will ________ economic activity, which is an example of ________ policy.
A.   increase; monetary
B.   decrease; fiscal
C.   increase; fiscal
D.   decrease; monetary

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