Business 1301 Chapter 2

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1

Economics is:

the study of the choices that people, companies, and governments make in allocating those resources.

2

Macroeconomics is:

the study of a country's overall economic issues, such as the employment rate, the gross domestic product, and taxation policies.

3

A fiscal policy refers to actions that shape the economy by influencing interest rates and the supply of money.

False

4

What is money supply?

the total amount of money within the overall economy

5

The four degrees of competition are:

pure competition, monopolistic competition, oligopoly, and monopoly

6

Socialism is:

an economic system based on the principle that the government should own and operate key enterprises that directly affect public welfare.

7

What does GDP stand for?

It stands for Gross Domestic Product and measures the total value of all final goods and services produced within a nation's physical boundaries over a given period of time, adjusted for inflation.

8

The unemployment rate includes:

everyone over 16 years old.

9

Inflation means that:

prices on average are rising.

10

The Consumer Price Index (CPI) measures the change in weighted–average price over time in a consumer "market basket" of goods and services that the average person buys each month.

True