Chapter 2 quiz-3.pdf

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Department
Management Innovation Entrepreneurship
Course Code
MIE 201
Professor
Deb Brown

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Chapter 2 Quiz Cornell,Branden Submitted: 1/30/2013 7:12:Grade: 100.0% Attempt Number:1/2 Questions Attempted: 15/15 37 PM 1. Movement along the supply curve typically slopes upward because ________. a. the quantity that the sellers are willing to supply rises with increase in price b. the quantity that the sellers are willing to supply rises with increase in government regulation c. the quantity that the sellers are willing to supply rises with decrease in demand d. the amount of government regulation in an industry rises with increase in price e. the amount of government regulation in an industry rises with increase in demand Grade: 1 User Responses: a.the quantity that the sellers are willing to supply rises with increase in price Feedback: a.Movement along the supply curve typically slopes upward: as prices rise, the quantity that sellers are willing to supply also rises. Similarly, as prices decline, the quantity that sellers are willing to supply declines. 2. The ________ measures price at the producer or wholesaler level, reflecting what businesses are paying for the products they need. a. producer price index (PPI) b. consumer price index (CPI) c. economic stimulus index (ESI) d. gross domestic product (GDP) e. inflationary stability index (ISI) Grade: 1 User Responses: a.producer price index (PPI) Feedback: a.The producer price index (PPI) measures price at the producer or wholesaler level, reflecting what businesses are paying for the products they need. Like the CPI, the PPI is often referred to as a single index, but it is actually a family of more than 600 industry-specific indexes. 3. Which of the following actions of the government indicates the privatization of an industry? a. imposing regulations on multinational businesses to protect local businesses b. allowing private businesses to operate in an industry that was previously operated by the government c. imposing taxes on scarce raw materials to discourage unfair pricing by its suppliers d. acquiring the market leader to gain control of the industry and its resources e. discouraging private business to operate in an industry that is critical for the growth of the economy Grade: 1 User Responses: b.allowing private businesses to operate in an industry that was previously operated by the government Feedback: a.Governments can change the structure of the economy by nationalizing - assuming ownership of - selected companies or, in extreme cases, even entire industries. They can also move in the opposite direction, privatizing services once performed by the government by allowing private businesses to perform them instead. 1 Chapter 2 Quiz Cornell,Branden Submitted: 1/30/2013 7:12:Grade: 100.0% Attempt Number:1/2 Questions Attempted: 15/15 37 PM 4. The U.S. government's use of Blackwater Security Consulting, a military security company, to guard officials and military installations in Iraq is an example of ________. a. communism b. socialization c. nationalization d. capitalization e. privatization Grade: 1 User Responses: e.privatization Feedback: a.The process of turning over services once performed by the government by allowing private businesses to perform them instead, is known as privatization. 5. When demand for goods and services drops, businesses reduce production, thereby requiring fewer workers. The unemployment resulting because of this phenomenon is known as ________ unemployment. a. intrinsic b. structural c. cyclical d. frictional e. seasonal Grade: 1 User Responses: c.cyclical Feedback: a.When demand for goods and services drops, businesses reduce production, thereby requiring fewer workers. This leads to cyclical unemployment. 6. Sales taxes are the government's largest single source of revenue. a. true b. false Grade: 1 User Responses: b.false Feedback: a.Correct. Income taxes are the governmentʹs largest single source of revenue. 7. The ________ measures a country's output - its production, distribution, and use of goods and services - by computing the sum of all goods and services produced for final use in a country during a specified period. a. producer price index (PPI) b. gross national product (GNP) c. consumer price index (CPI) d. gross domestic product (GDP) e. economic stability index (ESI) 2 Chapter 2 Quiz Cornell,Branden Submitted: 1/30/2013 7:12:Grade: 100.0% Attempt Number:1/2 Questions Attempted: 15/15 37 PM Grade: 1 User Responses: d.gross domestic product (GDP) Feedback: a.The broadest measure of an economy's health is the gross domestic product (GDP). The GDP measures a country's output - its production,
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