Business Test prt. 1

The unemployment rate is the percentage of the total work force that is not working but is:

actively looking for work

Which of the following is an example of a business?

all of the above

the government does not consider full employment to mean 100 percent of its citizens are employed because

all of the above

which of the following is a characteristic of pure competition?

all of the above

labor, as a factor of production, refers to

all workers in business

When the economy is in a recession, many companies must lay off workers, which causes _____ unemployment.

cyclical

The slope of the demand curve is

downward and to the right

Jarvis Washington recently quit his job as a veterinarian's assistance and is now trying to find a job with another veterinarian. This is an example of _____________ unemployment.

frictional

the implementation of a contractionary policy by the federal reserve would result in

lower inflation

An industry in which a few firms produce most or all of the output of a product and in which large amounts of capital are needed is called a(n):

oligopoly

Consequently consumers spent more money on trips on the natural parks and less money in the private sector for their vacations resulting in ___________

public section inflation

What is the primary difference between a good and a service?

a good is tangible, a service is intangible

In Canada, the government owns the communications, the transportation, and utilities industries, which most activity is carried on by private enterprise. Canada is an example of

a mixed economy

Individual ownership of property is a key element in:

capitalism

The laborers displaced due to assembly line automation at the textile plant may not have the skills needed to operate the computerized machines that replaced them. This is an example of _____ unemployment.

structural

Fiscal policy is concerned with

taxation and spending

Hudson King mows yards during the summer. Which of the following is an example of revenue for King.

the 10$ tip Mrs. Pierre gave him for doing such a fine job of mowing her yard.

Which of the following BEST exemplifies a not-for-profit organization?

the American Cancer Society

the standard of living in any country is

the general level of human happiness based on such things as life expectancy educational standards, health, sanitation, and leisure time

Market equilibrium is:

the point at which quantity supplied equals quantity demanded