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.
decreases
B.
stays the same
C.
depends on the type of product or service
D.
increases
Question #2
If buyers’ incomes increase, the demand curve will shift to the ________ and the price may ________.
A.
left; fall
B.
right; rise or 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.
pure competition
C.
regulated monopolies
D.
privatization
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.
seasonal
C.
frictional
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; fiscal
B.
increase; monetary
C.
decrease; monetary
D.
decrease; fiscal
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