Economic Contraction and Business Cycles Quiz
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Economic Contraction and Business Cycles Quiz

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@ResplendentFern

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Questions and Answers

What is the primary distinguishing factor between an oligopoly and a monopoly?

  • Oligopolies are more regulated than monopolies
  • Oligopolies have more suppliers than monopolies
  • Oligopolies are more profitable than monopolies
  • Customers have more choice in an oligopoly than in a monopoly (correct)

    • Which of the following is not one of the four 'big-picture' issues essential to understanding the overall behavior of the economy?

  • Business cycles
  • Government intervention (correct)
  • Unemployment
  • Competition in a free-market system

    • During an economic expansion, which of the following is most likely to occur?

  • Consumer purchases stimulate higher employment and wages (correct)
  • Employment and wages decrease
  • Investment patterns become more conservative
  • Consumers spend less money

    • Which type of unemployment is caused by a mismatch between the skills of workers and the skills required for available jobs?

    <p>Structural unemployment</p> Signup and view all the answers

    Which of the following is not one of the factors that can contribute to the constant state of change in the economy?

    <p>Government intervention</p> Signup and view all the answers

    In a free-market system, which of the following is the primary driver of economic activity?

    <p>Competition among suppliers</p> Signup and view all the answers

    Which type of unemployment is caused by temporary, seasonal factors that affect the demand for certain products or services?

    <p>Seasonal unemployment</p> Signup and view all the answers

    Which of the following is not one of the 'big-picture' issues essential to understanding the overall behavior of the economy?

    <p>Gross Domestic Product (GDP)</p> Signup and view all the answers

    During an economic recession, which of the following is most likely to occur?

    <p>Consumer purchases stimulate lower employment and wages</p> Signup and view all the answers

    Which type of unemployment is caused by a temporary mismatch between the supply and demand for labor?

    <p>Frictional unemployment</p> Signup and view all the answers

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