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Submitted by minhaloira on February 20, 2006
Category: English
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INTRODUCTION TO BUSINESS – BUSS101.B
SCHOOL OF BUSINESS AND INFORMATION SCIENCE
SPRING SEMESTER 2006
QUIZ #2 CH 1-4 FEB. 22, 2006
NAME______________________________________
1. A(n) _____________ curve shows the relationship between the price of a good and the quantity of that good people are willing and able to buy in a given time period.
A) demand
B) supply
C) utility
D) Laffer
2. The quantity of a good or service that manufacturers or owners are willing to sell at different prices during a specific time period is known as the:
A) supply of that product
B) demand for that product
C) equilibrium function for that product.
D) production possibilities curve for that product.
3. John complained to his buddy, Frank, that the prices of all the goods he and his family buy have increased a lot over the past year. Frank disagreed, saying that the prices of some goods have gone up a bit, but other prices have declined. Frank feels that the average price of consumer goods hasn't changed very much. In order to resolve their disagreement, John and Frank should look at recent figures for the:
A) GDP
B) CPI
C) PPI
D) MEW
4. A command system is characterized by:
A) reliance on the forces of supply and demand to determine what is produced.
B) reliance on the government to determine what is produced and who gets the output.
C) an extremely rapid rate of economic growth.
D) freedom of choice and freedom of competition.
5. The only deposits of a rare mineral known as longnectite are found in the nation of Swanland. Since no other nation has deposits of longnectite, Swan land has a(n)__________ in the production of this mineral.
A) bilateral advantage.
B) universal advantage.
C)...
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