10 Questions
What is the primary distinguishing factor between an oligopoly and a monopoly?
Customers have more choice in an oligopoly than in a monopoly
Which of the following is not one of the four 'big-picture' issues essential to understanding the overall behavior of the economy?
Government intervention
During an economic expansion, which of the following is most likely to occur?
Consumer purchases stimulate higher employment and wages
Which type of unemployment is caused by a mismatch between the skills of workers and the skills required for available jobs?
Structural unemployment
Which of the following is not one of the factors that can contribute to the constant state of change in the economy?
Government intervention
In a free-market system, which of the following is the primary driver of economic activity?
Competition among suppliers
Which type of unemployment is caused by temporary, seasonal factors that affect the demand for certain products or services?
Seasonal unemployment
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)
During an economic recession, which of the following is most likely to occur?
Consumer purchases stimulate lower employment and wages
Which type of unemployment is caused by a temporary mismatch between the supply and demand for labor?
Frictional unemployment
Test your knowledge on economic contraction, recessions, and depressions in the context of business cycles. Explore the causes and consequences of economic downturns in this quiz based on the teachings of Prof. Dr. Tobias Weiß and the textbook 'Business cycles II' by Bovee and Thill.
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