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; rise
B.   left; fall
C.   right; fall
D.   right; rise or fall
Question #3
The conversion of the postal service from government-owned and operated into privately held businesses would be an example of ________.
A.   privatization
B.   pure competition
C.   deregulation
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.   frictional
B.   structural
C.   seasonal
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.   increase; monetary
B.   increase; fiscal
C.   decrease; fiscal
D.   decrease; monetary

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