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Exam 2: How Economic Issues Affect Business

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Question 101

True/False

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An economy is said to be in a recession if GDP declines for two or more consecutive quarters.

A) True
B) False

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Question 102

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Almost every discussion about a country's economy is based on gross domestic product.GDP is the:

A) total output of goods and services in a given period divided by the total hours of labour required to provide them
B) general well-being of a society in terms of political freedom
C) amount of goods and services people can buy with the money they have
D) total value of goods and services produced in a country in a given year

E) A) and B)
F) All of the above

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Question 103

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The nation of Nadiria is in the midst of a terrible economic downturn.The nation's GDP has been declining steadily for over five years and is now at its lowest level in over fifty years.Nadiria's unemployment rate is at an all-time high and the nation's CPI is falling.Nadiria is experiencing a ________

The system that has provided more opportunities for poor people to work their way out of poverty is known as what?

Just as no country is purely capitalist,no market is truly free.

Economics is the study of how:

The "invisible hand" in Adam Smith's theory refers to the efforts of the government to control the operation of markets.

An important economic trend has been for free-market economies to move more toward socialism while command economies move more toward free markets.

If we graph the supply and demand curves for a product at a specific time,the point on the graph where the two curves intersect is called the stress point.

_______is characterized by a large number of firms selling products that appear to be identical.

Like most nations,Canada has a mixed economy.

In command economies,the government plays a major role in deciding which goods will be produced and who will get them.