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Exam 2: Making Ethical Decisions and Managing a Socially Responsible Business

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Question 31

Multiple Choice

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__________ exists when there are many sellers in a market and no seller is large enough to dictate the price of a product.

A) Perfect competition
B) Monopolistic competition
C) Oligopoly
D) Monopoly

E) A) and C)
F) B) and D)

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Question 32

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Adam Smith was one of the first people to imagine a system for creating wealth and improving lives of everyone.

A) True
B) False

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Question 33

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A monopoly occurs when there is only one seller that controls the total supply of a product and its price.

Another name for a free market economy is capitalism.

Which of the following would likely occur in a free market if all of us decided we wanted to buy a Pittsburgh Steelers t-shirt?

Define the four basic types of competition.

The ideal economic situation is when our economy is at equilibrium.

Which of the following economic systems is based on the premise that some,if not most,basic businesses should be government owned so that profits can be evenly distributed among all the people?

Hot dogs,candy,and personal computers are products that are sold under monopolistic competition.

Economics is the study of how society chooses to employ resources to produce goods and service and distribute them for consumption among various competing groups and individuals.

__________ means that prices are actually declining.

Communism is an economic and political system in which the state (government)makes almost all economic decisions and owns almost all the major factors of production,including housing for its people.

In an oligopoly,prices for products from different companies tend to be close to the same.

What are the three major indicators of economic conditions?

As a result of political or economic forces _________ unemployment means there are not enough jobs for people who want work.

Inflation means that prices are actually declining.

Which of the following is a negative consequence of socialism?

Mixed economies exist where some allocation of resources is made by the market and some by the government.

Hot dogs,candy and personal computers are examples of products that are produced under which type of competition?

Resource development is the study of how to increase resources and to create the conditions that will make better use of those resources.