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No problem, economics is my area :)
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1. Enron management exploited the relationship between __________ in order to maximize profits. (Points: 5) government regulations and free enterprise producers and consumers supply and demand input market and an output market
Essentially they manipulated the books and created other companies to look as though they werent in as much debt as they actually were - so I'd say the first choice is the most suited to this.2. What are profits? (Points: 5) The difference between revenues and expenses The total money taken in by a corporation Increases in a corporation's stock price Increases in income from year to year 3. Which of the following is not a factor of production? (Points: 5) Labor Capital Entrepreneurs Government 4. Which of the following is not an example of physical resources? (Points: 5) Office facilities Market forecasts Computers Production facilities 5. A planned economy relies on a central government to: (Points: 5) control all or most factors of production. support free enterprise in every way possible. encourage citizens to buy shares of stock in small corporations. keep its control activities to a minimum. 6. In a/an __________ market, firms buy resources from supplier households. (Points: 5) buyer supply output input 7. Which economic system provides for the private ownership of the factors of production, and also encourages entrepreneurship by offering profits as an incentive? (Points: 5) Socialism Capitalism Fascism Communism 8. The process of converting government enterprise into privately owned firms is called: (Points: 5) supply. demand. socialism. privatization. 9. Which of the following responses best defines the term demand in a market economy? (Points: 5) An inner desire that must be satisfied Willingness and ability of buyers to purchase a product, good, or service An order given to a supplier of a much-needed product A want and need felt by the consuming public in a free-market system
It could have easily been the second choice but the market economy is also known as the free market economy which makes it more applicable. It would depend upon what you have been taught in class.10. The law of demand maintains that buyers will purchase (demand) more of a product as its price: (Points: 5) rises. stays the same. drops. fits a person's personal planning budget. 11. A __________ shows how many of a given product will be supplied at different prices. (Points: 5) supply curve price list demand curve price control 12. __________ occurs when two or more businesses vie for the same resources or customers. (Points: 5) Socialism Competition Supply Conflict 13. In an oligopoly, when one firm reduces its prices, how do other members of the oligopoly react? (Points: 5) There is no reaction - usually. Other companies are not even aware that a change in price has taken place. Others may reduce their prices, but only very gradually. Others reduce their prices - usually quite quickly. 14. Economists refer to the pattern of short-term expansions and contractions in the economy as the: (Points: 5) standard of living. aggregate output. business cycle. consumer price index. 15. Increases in an economic system's standard of living result primarily from increases in: (Points: 5) productivity. real GNP. balance of trade. nominal GDP. 16. A nation's __________ is the economic value of all the products that a country exports minus the economic value of its imports. (Points: 5) standard of living balance of payments balance of trade national debt 17. A chief goal of an economic system is __________. This condition occurs when the amount of money available in the economic system and the quantity of goods and services produced in the economic system are growing at about the same rate. (Points: 5) growth stability productivity equality 18. The __________ is a measure of the prices of typical products purchased by consumers living in urban areas. (Points: 5) Gross National Product consumer price index national debt Gross Domestic Product 19. A/An __________ is a prolonged and deep recession. (Points: 5) decade expansion era depression 20. Taken together, fiscal policy and monetary policy make up __________ policy. (Points: 5) welfare financial military stabilization
Glad I could help :)
Any time you need me in future just pop my name in the title and click on my name to the right of the screen when your posting a question and I'll be right with you.
My pleasure! :)
Sorry for the delay (it is confusing when you reply to the old question instead of opening a new one as a new one would show differently in my emails)
Which text book is this test refering to, as some portions seem to be based upon that specific books content?