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Chapter Quiz
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1
Microeconomics looks at the operation of a nation's economy as a whole.
A)True
B)False
2
Demand refers to the quantity of products that manufacturers or owners are willing to sell at different prices at a specific time.
A)True
B)False
3
An oligopoly is a form of competition in which a large number of sellers produce products that are very similar but are perceived by buyers as different.
A)True
B)False
4
The loss of the best and brightest people to other countries is called "brain drain."
A)True
B)False
5
Frictional unemployment means that something within industries has changed which results in unemployment.
A)True
B)False
6
__________ is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individuals.
A)Business
B)Management
C)Economics
D)Statistics
7
The business cycle is also called the _________ cycle.
A)depreciation
B)prosperity
C)economic
D)recessionary
8
A __________ is one in which decisions about what to produce and in what quantities are made by the market.
A)free market
B)socialist market
C)communist market
D)green market
9
Which of the following economic systems in which the state makes almost all economic decisions and owns almost all the major factors of production, including housing for its people?
A)capitalism
B)socialism
C)communism
D)mixed
10
In 2007 the U.S. unemployment rate was about __________________.
A)close to zero.
B)4.5 percent.
C)9 percent.
D)15 percent.





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