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MG 100 Midterm Exam Questions and Answers All Correct

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MG 100 Midterm Exam Questions and Answers All Correct There are four coffee shops in your town. All of them claim to have the "freshest-tasting coffee." Each shop advertises the unique benefits of its coffee and prices. This is an example of - Answer- monopolistic competition Jeannette has a...

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  • November 6, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • MG 100
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MG 100 Midterm Exam Questions
and Answers All Correct

There are four coffee shops in your town. All of them claim to have the "freshest-tasting
coffee." Each shop advertises the unique benefits of its coffee and prices. This is an
example of - Answer- monopolistic competition

Jeannette has a successful organic spa business in which she gives massages, facials,
and organic body treatments. Last summer, another organic spa opened up in town.
The supply curve for Jeanette's business would shift in which direction? - Answer- to the
left

What is a determinant of demand - Answer- changes in income levels

Racerback Swimwear, an Australian company, opens a factory near Tallahassee,
Florida. The value of the swimsuits produced in the new Florida factory is included in
which country's GDP? - Answer- United States

What tracks the prices of goods and resources sellers use to create their products? -
Answer- PPI

Jackson Paulson works as a waterskiing instructor at Migis Lodge on Sebago Lake. He
claims unemployment from October through April. Jackson experiences which type of
unemployment? - Answer- seasonal

Example of the government's fiscal policy to stimulate an economy - Answer- decreases
in the discount rate

What results when there is an increase in overall prices? - Answer- inflation

At which point in the business cycle is the economy when GDP declines for two or more
successive quarters - Answer- recession

T/F Microeconomics is the study of the behavior of the overall company - Answer- false

T/F The discount rate is what is charged when banks borrow emergency funds from
each other - Answer- false

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