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.   increases
C.   decreases
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.   right; rise or fall
B.   left; fall
C.   left; rise
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.   deregulation
B.   privatization
C.   pure competition
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.   seasonal
B.   structural
C.   frictional
D.   cyclical
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.   decrease; monetary
B.   increase; monetary
C.   increase; fiscal
D.   decrease; fiscal

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