BUS 508 Chapter 3 Quiz 1. � When the government spends more than the amount of money it raises through taxes, it creates a budget deficit. 2. � A ________ is a market situation in which a single seller dominates trade in a good or service for which buyers can find no close substitutes. 3. � When decreased productivity keeps prices steady, it can have a major positive impact on an economy. 4. � The ________ feature explores whether developing alternative sources of energy will create new jobs to stimulate the economy. 5. � ________ refers to the willingness and ability of buyers to purchase goods and services. 6. � A ________ is a cyclical economic contraction that lasts for six months or longer. 7. � A ________ means total revenues raised by taxes equal the total proposed spending for the year. 8. � An ideal economy incorporates steady change directed toward continually expanding the amount of goods and services produced from the nation’s resources. 9. � ________ Is the prevailing market price at which you can buy an item. 10. ________ analyzes the choices people and governments make in allocating scare resources. 11. ________ is characterized by government ownership and operation of major industries such as communications. 12. A ________ occurs when a firm possesses unique characteristics so important to competition in its industry that they serve as barriers to prevent entry by would-be competitors. 13. An increase in labor productivity means that the same amount of work produces more goods and services than before. 14. A common method of influencing economic activity is ________. 15. The ________ is a self-supporting corporation wholly owned by the federal government. 16. No country is an economic island in today’s global economy. 17. Economists refer to a nation’s unemployment rate as an indicator of its economic health. 18. The ________ measures the monthly average change in prices of goods and services. 19. Each nation’s policies and choices help determine its � � � � � � � � � . 20. A change in overall demand, on the other hand, does not result in an entirely new demand curve.
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