WGU C201 Chapter 3 Exam Questions With Complete Solutions
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Course
WGU C201
Institution
WGU C201
WGU C201 Chapter 3 Exam Questions With Complete Solutions
"(_____) is the government's attempt at reducing the money supply to curb rising prices, overexpansion, and rapid economic growth." - Answer-restrictive monetary policy
."40. When a government takes in more money than it spends, it is ...
"(_____) is the government's attempt at reducing the money supply to curb rising prices,
overexpansion, and rapid economic growth." - Answer-restrictive monetary policy
."40. When a government takes in more money than it spends, it is said to have a
(_____)." - Answer-budget surplus
."A (_____) occurs when government grants exclusive rights in a single market to a
single firm, such as a utility company." - Answer-regulated monopoly
."A measure of desirability of a product, this is one of 6 factors that determine demand."
- Answer-customer preference
."Activities like fair trade agreements and educating foreign students at American
business schools address this, one of ""5 global economic challenges of the 21st
century""." - Answer-enhancing competition in every country's workforce
."All else remaining unchanged, an increase in (_____) of a product will lower its market
price." - Answer-supply
."Among the 6 factors that determine demand, this factor could be increased by a drop
in unemployment." - Answer-income of buyers
."Baby boomers represent this ""global economic challenge"" one of 5 we face in the
21st century." - Answer-aging of the population
."Flooding a market with cheap solar panels could impact this factor, one of 6 that
determines demand." - Answer-prices of alternatives
."If buyer optimism improves, the demand curve shifts to the (_____)." - Answer-right
."If car prices drop because the price of gas soars, this factor (one of 6 that determines
demand) is in play." - Answer-prices of complementary goods
."In (_____), a large number of buyers and sellers exchange homogeneous products so
no single participant has a significant influence on price." - Answer-pure competition
."In a (_____) government controls determine business ownership, profits, and resource
allocation." - Answer-planned economy
."In a mixed market economy, (_____) defines the trend of replacing public ownership
with private ownership." - Answer-privatization
, ."In the United States, changes in price levels are tracked by the (_____), which
measures the monthly average changes in prices of goods and services." - Answer-
consumer price index (CPI)
."Of 4 factors that determine supply, this includes the price of raw materials." - Answer-
cost of inputs
."Of the ""5 global economic challenges of the 21st century"" this could affect
competition for resources like gas, water, and rare metals." - Answer-growth of India
and China
."Of the 4 factors that influence supply, this relates to governmental fiscal policy." -
Answer-taxes
."One of ""5 global economic challenges of the 21st century"", examples include
""9/11""." - Answer-global terrorism
."One of 4 factors that influence supply, this is the only factor that shifts the supply curve
to the RIGHT if it increases." - Answer-number of suppliers
."Optimistic or pessimistic? Of the six factors that determine demand, this may be the
most psychological." - Answer-future expectations
."Preserving net neutrality is one way to answer this, one of the ""5 global economic
challenges of the 21st century""." - Answer-shift to a global information economy
."Supply is determined by 4 factors, including this, which reflects the price of new
equipment and software." - Answer-cost of technologies
."The widest measure of a nation's economic activity, the
________________________, counts the dollar value of all the goods and services
produced within a nation's borders." - Answer-gross domestic product
."This factor, one of 6 that determine demand, may explain why gasoline prices increase
relative to the booming economy in China and India." - Answer-number of buyers
."Under _______________________________, the government owns and operates the
key industries that are considered vital to the public welfare." - Answer-socialism
."Under the economic system known as (_____), the means of production are owned
and controlled by the government." - Answer-communism
."When a firm in the market has no competitors, it is said to have a (_____)." - Answer-
monopoly
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