WGU C201 Chapter 3(Economic challenges facing contemporary business)
"In the United States, changes in price levels are tracked by the (_____), which measures the monthly average changes in prices of goods and services." (Ans- consumer price index (CPI)
The term used to describe the study of the overall operations of an economy and its various components is known as (_____).(Ans- macroeconomics
(_____) refers to the study of the economic activities of a firm or an individual.(Ans- microeconomics
"A (_____) occurs when government grants exclusive rights in a single market to a single firm, such as a utility company." (Ans- regulated monopoly
(_____) refers to people who are temporarily out of work but who are looking for a job.(Ans- frictional unemployment
The science of allocating scarce resources is known as (_____).(Ans- economics
The (_____) depicts the difference in the amount of a good a seller will produce at various prices.(Ans- supply curve
The (_____) is the price at which the demand curve and the supply curve intersect.(Ans- equilibrium price 1 / 2
(_____) counts people like farm laborers or ski instructors who are out of work due to the time of year.(Ans- seasonal unemployment
(_____) refers to governmental measures designed to affect the level of economic activity through changes in the money supply.(Ans- monetary policy
"When the federal government spends more than it gets from tax revenues, a (_____) is the result." (Ans- deficit
The ability and willingness of buyers to purchase goods and services in the economy is known as (_____).(Ans- demand
"When people are out of work during a recession or other economic downturn, their job loss is referred to as (_____)." (Ans- cyclical unemployment
"When prices continue to increase due to costs or demand, the economy is said to be experiencing a period of (_____)." (Ans- inflation
Governmental actions concerning tax revenue and expenditures of public funds are referred to as (_____).(Ans- fiscal policy
The (_____) measures the number of people who are looking for work but who are unable to find jobs.(Ans- unemployment rate
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