Question 1

The $700 billion economic bailout plan following the subprime mortgage crisis of 2008 was called the _____.

Accepted Answer

A)  American Recovery and Reinvestment Act
B)  Troubled Assets Relief Program
C)  Clayton Antitrust Act
D)  NCUA Corporate Stabilization ProgramE) A) and C)
F) A) and B)

Question 2

Countries that adopted communism in the 1900s-most notably the former Soviet Union, China, Cuba, North Korea, and Vietnam-thrived and prospered more than all the other countries in the worlD)

Accepted Answer

A) True 
 B)False

Question 3

The two key phases of a business cycle are:

Accepted Answer

A)  stagflation and hyperinflation.
B)  depression and contraction.
C)  contraction and expansion.
D)  recession and deflation.E) B) and C)
F) C) and D)

Question 4

Identify a true statement about subprime mortgage loans.

Accepted Answer

A)  They are given to people with a high credit score.
B)  They are less attractive to lenders because they provide a lower return than any other form of investment.
C)  They are usually issued to people who have a high ability to repay the money they borrow.
D)  They are lent to borrowers with high debt-to-income ratios.E) C) and D)
F) All of the above

Question 5

Identify a true statement about macroeconomics.

Accepted Answer

A)  It focusses primarily on monitoring the activities of individual businesses.
B)  It hardly affects the day-to-day lives of people.
C)  It is the study of a country's overall economic dynamics.
D)  It has little or no influence on variables such as jobs and taxes.E) A) and B)
F) A) and C)

Question 6

Define and describe productivity.

Accepted Answer

​Productivity refers to the relationship...

Question 7

Gross Domestic Product (GDP)tends to overstate the amount of output produced by a nation's economy.

Accepted Answer

A) True 
 B)False

Question 8

Countries that adopted communist economics most likely developed:

Accepted Answer

A)  individualism and narcissistic values among people.
B)  an excessive number of privately-owned businesses.
C)  a free market system for services.
D)  crippling shortages and surpluses.E) A) and C)
F) None of the above

Question 9

What is a business cycle? Describe the different phases of a business cycle in a changing economy.

Accepted Answer

​The business cycle is the periodic expa...

Question 10

The debt ceiling is:

Accepted Answer

A)  the maximum amount Congress lets the government borrow.
B)  the shortfall that occurs when expenses are higher than revenue over a given period of time.
C)  the overage that occurs when revenue is higher than expenses over a given period of time.
D)  the total amount of money within the national economy.E) B) and D)
F) A) and D)

Question 11

Monopolistic competition is a market structure:

Accepted Answer

A)  with many competitors selling differentiated products.
B)  with only a handful of competitors selling similar products.
C)  with many competitors selling virtually identical products.
D)  with just a single producer completely dominating the industry.E) A) and B)
F) B) and C)

Exam 2: Economics: The Framework for Business

Countries that adopted communism in the 1900s-most notably the former Soviet Union, China, Cuba, North Korea, and Vietnam-thrived and prospered more than all the other countries in the worlD)

Correct Answer
verified

Identify a true statement about macroeconomics.

Correct Answer
verified

Gross Domestic Product (GDP)tends to overstate the amount of output produced by a nation's economy.

Correct Answer
verified

Define and describe productivity.

Correct Answer
verified
Productivity refers to the relationship...
View Answer

The $700 billion economic bailout plan following the subprime mortgage crisis of 2008 was called the _____.

Correct Answer
verified

Monopolistic competition is a market structure:

Correct Answer
verified

Countries that adopted communist economics most likely developed:

Correct Answer
verified

What is a business cycle? Describe the different phases of a business cycle in a changing economy.

Correct Answer
verified
The business cycle is the periodic expa...
View Answer

Identify a true statement about subprime mortgage loans.

Correct Answer
verified

The two key phases of a business cycle are:

Correct Answer
verified

The debt ceiling is:

Correct Answer
verified

Exam 2: Economics: The Framework for Business

Countries that adopted communism in the 1900s-most notably the former Soviet Union, China, Cuba, North Korea, and Vietnam-thrived and prospered more than all the other countries in the worlD)

Correct AnswerverifiedShow Answer

Identify a true statement about macroeconomics.

Correct AnswerverifiedShow Answer

Gross Domestic Product (GDP)tends to overstate the amount of output produced by a nation's economy.

Correct AnswerverifiedShow Answer

Define and describe productivity.

Correct Answerverified​Productivity refers to the relationship...View AnswerShow Answer

The $700 billion economic bailout plan following the subprime mortgage crisis of 2008 was called the _____.

Correct AnswerverifiedShow Answer

Monopolistic competition is a market structure:

Correct AnswerverifiedShow Answer

Countries that adopted communist economics most likely developed:

Correct AnswerverifiedShow Answer

What is a business cycle? Describe the different phases of a business cycle in a changing economy.

Correct Answerverified​The business cycle is the periodic expa...View AnswerShow Answer

Identify a true statement about subprime mortgage loans.

Correct AnswerverifiedShow Answer

The two key phases of a business cycle are:

Correct AnswerverifiedShow Answer

The debt ceiling is:

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Productivity refers to the relationship...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The business cycle is the periodic expa...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified