The periodic contraction and expansion that occur over time in virtually every economy is known as the _____. Business cycle
Which of the following statements best describes a budget deficit? t is the shortfall that occurs when expenses are higher than revenue over a given period of time.
Which o...
FM 116 Ch 2 Practice Questions and
Answers
The periodic contraction and expansion that occur over time in virtually every economy
is known as the _____. ✅Business cycle
Which of the following statements best describes a budget deficit? ✅t is the shortfall
that occurs when expenses are higher than revenue over a given period of time.
Which of the following was a result of the collapse of financial institutions during the
economic crisis in the United States? ✅Companies began to announce layoffs.
The Krakozhian fashion market has many brands that sell clothing. However, each
brand sells clothing designed for different niches in the market. In this scenario, the
market structure prevalent in the Krakozhian fashion market is _____. ✅Monopolistic
competition
In the context of the business cycle, _____ is an economic downturn marked by a
decrease in the gross domestic product (GDP) for two consecutive quarters. ✅a
recession
In the context of evaluating economic performance, productivity is calculated by:
✅dividing the amount of output by the amount of input
Which of the following statements is true of the economy? ✅It is essentially a financial
and a social system.
In a free market system, _____ refers to the quantity of products that consumers are
willing to buy at different market prices. ✅demand
The nation of Radonia recently approved the sale of its national railway service to a
company called Dontsky Rail Corporation. The company has no association with the
country's government and operates on its own terms. The sale of Radonia's national
railway service to Dontsky Rail Corporation is an example of _____. ✅Privatization
Which of the following is a difference between the Troubled Assets Relief Program
(TARP) and the American Recovery and Reinvestment Act? ✅TARP was a $700
billion economic bailout plan, whereas the American Recovery and Reinvestment Act
was an $825 billion economic stimulus package.
_____ is an economic system based on private ownership, economic freedom, and fair
competition. ✅Capitalism
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller twishfrancis. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
