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Business 101 Chapter 2 Quiz

An economy is both a social and a financial system.
True
A surprisingly small number of key variables have a significant impact on the performance of the economy.
False
Microeconomics is the study of broad, economy-wide issues such as the unemployment rate, gross domestic product, and inflation.
False
From the business perspective, a key reason to study economics is to
gain a better understanding of past business choices in order to make better future decisions.
After the collapse of the dot com bubble and the 9/11 terrorist attacks, the stock market depreciated and unemployment increased leading many to fear that the country was on the brink of a full-blown recession. In order to stimulate the economy the Federal Reserve Bank
lowered interest rates from 6.5% to 1.25% in an effort to increase spending.
What is the economics.
the study of the choices that different entities make in allocating resources
_____ refers to government efforts to influence the economy through taxation and spending decisions designed to encourage growth, boost employment, and curb inflation.
Fiscal policy
In the U.S., the control of the money supply is the responsibility of the
Federal Reserve.
If the Fed wants to increase the money supply it should:
buy government securities
In _____, many firms compete by selling differentiated products.
monopolistic competition

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