Unit 10 Quick fire Economics Quiz

What does the term "Barriers to entry" refer to in a business context?

• The fluctuations in GDP that economies go through

• The difficulties that face potential new competitors in an industry

• The number of people unemployed in the economy

• The price of one currency in terms of another currency

What is the "Business cycle"?

• The number of people unemployed in the economy

• The fluctuations in GDP that economies go through

• The price of one currency in terms of another currency

• The quantity of a good or service that consumers are willing to purchase

What does "Claimant Count (CC)" measure?

• The number of people unemployed in the economy who are claiming unemployment benefits

• The price of one currency in terms of another currency

• The responsiveness of quantity demanded of one good to a change in the price of another

• The quantity of a good or service that consumers are willing to purchase

What is the "Consumer price index (CPI)" used to measure?

• The number of people unemployed in the economy

• The rate of inflation

• The price of one currency in terms of another currency

• The quantity of a good or service that consumers are willing to purchase

What causes "Cost-push inflation"?

• An increase in the costs of the factors of production

• A fall in demand for cars

• The price of one currency in terms of another currency

• The quantity of a good or service that consumers are willing to purchase

What does "Cross elasticity of demand (XED)" measure?

• The number of people unemployed in the economy

• The responsiveness of quantity demanded of one good to a change in the price of another

• The price of one currency in terms of another currency

• The quantity of a good or service that consumers are willing to purchase

What is "Cyclical unemployment"?

• Unemployment due to insufficient demand in the economy

• The price of one currency in terms of another currency

• The quantity of a good or service that consumers are willing to purchase

• The number of people unemployed in the economy

What does "Demand" refer to in economics?

• The number of people unemployed in the economy

• The price of one currency in terms of another currency

• The quantity of a good or service that consumers are willing to purchase

• The fluctuations in GDP that economies go through

What is "Demand-pull inflation"?

• Inflation due to excessive growth in demand in the economy

• The price of one currency in terms of another currency

• The number of people unemployed in the economy

• The quantity of a good or service that consumers are willing to purchase

What does "Economic growth" refer to?

• The number of people unemployed in the economy

• The price of one currency in terms of another currency

• The quantity of a good or service that consumers are willing to purchase

• The increase in goods and services produced by a country