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Economics and Business: Homework Help Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. How do the effects of the Great Depression and the Great Recession compare to each other?

Question 2 2. How should a government behave in a capitalist system?

Question 3 3. Human capital refers to which of the following?

Question 4 4. What happens to economic output as measured by GDP during a recession?

Question 5 5. Why does a monopoly-based system result in a negative business environment?

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Question 6 6. What's a depression?

Question 7 7. Which of the following is the BEST explanation of monetary policy?

Question 8 8. If you needed to increase the GDP, why might you focus on consumption to do this?

Question 9 9. Which of the following statements regarding recessions is FALSE?

Question 10 10. Why is it often difficult to enter into a market that BEST resembles an oligopoly?

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Question 11 11. What is the real interest rate when the nominal interest rate on a bank checking account is 1%, and the rate of inflation is 2%?

Question 12 12. Which of the following is NOT a subject in the study in macroeconomics?

Question 13 13. Which of the following individuals would be counted as unemployed?

Question 14 14. How is labor productivity, measured as output per worker, affected by economic drivers?

Question 15 15. What is economics?

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Question 16 16. What common rule of thumb do economists use to define a recession?

Question 17 17. _____ is the study of business and consumers, while _____ is the study of the economy as a whole.

Question 18 18. Economists call the equipment and structures used to produce goods and services:

Question 19 19. What does the word domestic in Gross Domestic Product refer to?

Question 20 20. If discouraged workers were actually counted in the unemployment rate:

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Question 21 21. According to this chart, what was the unemployment rate during the peak of the business cycle?

Question 22 22. What does the circular flow model of the economy illustrate?

Question 23 23. Which of the following is the BEST explanation of how a government intervenes in an economy utilizing fiscal policy?

Question 24 24. If the Consumer Price Index rises from 101 to 104, which of the following statements is true?

Question 25 25. Which one of the following is NOT a characteristic of capitalism?

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Question 26 26. Which of the following economic systems is characterized by state ownership of all factors of production?

Question 27 27.

What is the GDP for the following information:

Consumption = 10,000

Investment = 2,000

Government spending = 1,000

Exports = 7,500

Imports = 7,000

Question 28 28. Which term describes the way a society organizes the production, distribution, and consumption of goods and services to meet people's needs and wants?

Question 29 29. Why would a perfectly competitive market be beneficial for consumers?

Question 30 30. Which of the following is the best explanation of a free market in the real world?

Economics and Business: Homework Help Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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