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Intro to Business Chapter 2 Review Quiz

true or false: the economy is both a social and a financial system
true
true or false:a surprisingly small number of key variables have a significant impact on the performance of the economy
false
true or 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
a)gain a better understanding of past business choices in order to make better future decisions
b)avoid the temptation to focus on past events
c)ensure that demand exceeds supply
d)learn how to achieve a monopoly position in markets with the potential to generate high profits
a
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
a)lowered taxes in an effort to increase spending
b)lowered interest rates from 6.5% to 1.25% in an effort to increase spending
c)increased taxes in an effort to increase spending
d) increased the interest rates from 1.25% to 6.5% in an effort to increase spending
b
define economics.
a) a financial and social system
b)the study of a country’s overall economic issues
c)the integration between consumers, families, and businesses
d)the study of the choices that different entities make in allocating resources
d
_____ refers to government efforts to influence the economy through taxation and spending decisions designed to encourage growth, boost employment, and curb inflation
a)monetary policy
b)fiscal policy
c)pricing policy
d)production policy
b
In the U.S., the control of the money supply is the responsibility of the
a)U.S. Department of the Treasury
b)Federal Reserve
c)U.S. Department of State
d)U.S. Congress
b
If the Fed wants to increase the money supply it should:
a)raise the reserve requirement
b)raise the discount rate
c)cut taxes
d)buy government securities
d
In _____, many firms compete by selling differentiated products
a)a monopoly
b)monopolistic competition
c)an oligopoly
d)a natural monopoly
b

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