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Economic Contraction and Business Cycles Quiz

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Economic Contraction and Business Cycles Quiz

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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?

Structural unemployment 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?

Government intervention Signup and view all the answers

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

Competition among suppliers 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?

Seasonal unemployment 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?

Gross Domestic Product (GDP) Signup and view all the answers

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

Consumer purchases stimulate lower employment and wages Signup and view all the answers

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

Frictional unemployment Signup and view all the answers