The most valuable thing is that we should focus on the studies and read them to

learn for a long term understanding and not just for the sake of it. It would be
valuable to read the chapter and PowerPoints completely. It will increase my
chances to score high. EOCQ refers to End of Chapter Questions. They need to be
done in 30 minutes and give only one attempt to the student. Being an online class,
and as I have seen in other classes, there are no late assignments accepted in this
class too. I would like to read the chapters, case studies, complete all the EOCQs,
test etc. to get a grade in this class. I will also regularly check, participate and be
active in Discussion Forums.

A(n) ________ is a nation's basis for allocating its resources among its citizens

Review

Socialism

Business cycle pattern

Reviewing Test
CHAPTER 1 TEST

Started:
Finished:

Feb 20, 2016 3:05 PM

Feb 20, 2016 3:24 PM

1 of 1
CHAPTER 1 TEST

Total Grade: 18.5

(of possible

20

points)

Question 1 of 20
Score: 1 (of possible 1 point)
Which of the following is an important element of an organization's external
environment?

Answer Key: A

Question 2 of 20
Score: 1 (of possible 1 point)
A(n) ________ is a nation's basis for allocating its resources among its citizens

Answer Key: D

Question 3 of 20
Score: 1 (of possible 1 point)
Tangible goods that organizations use in conducting their businesses are referred to as
________.

Answer Key: C

Question 4 of 20
Score: 1 (of possible 1 point)
The price at which the quantity of goods demanded and the quantity of goods supplied
are equal is referred to as ________.

Answer Key: C

Question 5 of 20

Score: 1

(of possible

point)

Which of the following does NOT represent a degree of competition in a private enterprise
system?

Answer Key: A

Question 6 of 20

Score: 1

(of possible

point)

The term ________ refers to the total quantity and quality of goods and services that
people living in an economic system can purchase.

Answer Key: B

Question 7 of 20
Score: 1 (of possible 1 point)
The ________ is the pattern of short-term ups and downs in an economy.

Answer Key: D

Question 8 of 20
Score: 1 (of possible 1 point)
A planned economy relies on a centralized government to ________.

A.

enco

B.

supp

C.

keep

D.

alloc

Answer Key: D

Question 9 of 20
Score: 1 (of possible 1 point)
"Buyers will purchase more of a product as its price drops and less of a product as its
price increases." The situation being described is referred to as ________.

Answer Key: D

Question 10 of 20
Score: 1 (of possible 1 point)
In perfect competition, which of the following conditions must prevail?

A.

No single firm is

B.

The number of fi

C.

All of the above

D.

All firms in a giv

Answer Key: C

Question 11 of 20
Score: 1 (of possible 1 point)
How does monopolistic competition differ from perfect competition?

A.

In a market characterized by m

B.

There are more sellers in a ma

C.

It is easier for sellers to enter a

D.

In a perfectly competitive mar

Answer Key: A

Question 12 of 20
Score: 1 (of possible 1 point)
Which of the following best describes purchasing power parity?

A.

the principle that exchange rat

B.

total quantity of goods and ser

C.

total quantity of goods and ser

D.

total quantity of goods and ser

Answer Key: A

Question 13 of 20
Score: 1 (of possible 1 point)
A ________ is a period during which aggregate output declines.

Answer Key: C

Question 14 of 20
Score: 1 (of possible 1 point)
A(n) ________ is a prolonged and deep recession.

Answer Key: D

Question 15 of 20
Score: 0 (of possible 1 point)
Taken together, fiscal policy and monetary policy make up ________ policy.

Answer Key: D

Question 16 of 20
Score: 1 (of possible 1 point)
Which of the following statements best describes the law of demand?

A.

Well o

B.

As the

C.

When

D.

As the

Answer Key: B

Question 17 of 20
Score: 1 (of possible 1 point)
After conducting an inventory, a music retailer determines that higher-priced CDs are
still sitting on the shelves. To move product off the shelves, management decides to
price CDs at the point at which the demand curve and the supply curve intersect. This
price is known as the ________.

Answer Key: C

Question 18 of 20
Score: 1 (of possible 1 point)
Only a few companies make laundry detergents. The market for laundry detergent is
best described as ________.

Answer Key: C

Question 19 of 20
Score: 0.5 (of possible 1 point)
Which of the following would be included in the gross domestic product of Brazil?

A.

the profits earned by a U.S

B.

the profits earned by a Br

C.

none of the above

D.

the profits earned by a Br

Answer Key: A,D

Question 20 of 20
Score: 1 (of possible 1 point)
Which of the following statements about inflation is true?

Answer Key: A

1 of 1

A.

The consumer price index is a

B.

Standard of living increases w

C.

Inflation occurs when the amo

D.

Inflation increases the purchas