In business today, one has to have adequate knowledge of economics and how it affects businesses and their activities. There are some factors within the economy to watch out for if you have a business such as interest rates, wages, and inflation. The quiz below is designed to help see how much you understand the connection. Give it a try!
How a nation's GDP is computed
The reason's why the unemployment rate for the economy is rising or falling
How market conditions determine the price of a specific product
How the government can use fiscal and monetary policies to stabilize the economy
Agrees with the ideas of Thomas Malthus
Does not accept the philosophy behind Adam Smith's invisible hand
Is unaware of the fact that most businesses in the United States are actually owned by the government
Does not realize that government regulation is already the main determinatinant of business decisions in capital economies
Total profit earned by producers
Total amount of labor that will be employed in the market
Amount of time it takes to bring together the buyers and sellers of the good
Equilibrium price of the good
Monopolistic competition
Perfect competition
An oligopoly
A monopoly
John wants to live in a country with low marginal tax rates
Robin wants to live in a country that encourages rapid economic growth
Liz wants to live in a country with limited government regulation
Fred prefers to live in a country that promotes social equality
Reliance on the forces of supply and demand to determine what is produced
Reliance on the government to determine what is produced and who gets the output
An extremely rapid rate of economic growth
Freedom of choice and freedom of competition
Aggregate production quota
Aggregate domestic output
Index of aggregate economic output
Gross domestic product
GDP
CPI
PPI
MEW
As a semi-private organization not under the direct control of the government
Under the direct control of the executive branch of the government
Under the direction of the Banking Oversight Committee of Congress
As a special agency of the U.S. Treasury
Monetary policy
Fiscal policy
Incomes policy
Social investment policy
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