Chapter 2 Worksheet
Chapter 2 Worksheet
Chapter 2 Worksheet
Name: _________________
1
Which of the following would be a topic emphasized in a microeconomics class?
The reason's why the unemployment rate for the economy is rising or falling.
B)
How the government can use fiscal and monetary policies to stabilize the economy.
D)
2
Reality Entertainment, Inc is a major producer of reality TV programming. The company
faces fierce competition from three other major producers of similar shows. Together,
Reality Entertainment and its three rivals control almost the entire reality TV programming.
Their market environment is called:
An oligopoly.
A)
A duopoly.
B)
Monopolistic competition.
C)
A quasi-monopoly.
D)
3
In the long run, the point on a graph where the supply for a product or service equals the
demand for the product or service is _____________.
the amount of time it takes to bring together the buyers and sellers of the good
C)
the equilibrium price
D)
4
While touring Greece last year, Angela landed in the hospital for five days when she was
run-over by a careless motorcyclist. To no avail, her son and daughter who were also on the
trip tried frantically to pay for the medical care required to set her broken bones. There she
lay with no casts, limbs hanging until the state's doctors deemed it her turn for attention. In
nations where medicine is ____________, individuals often wait for several days, and often
several years for proper medical attention.
communized
A)
capitalized
B)
socialized
C)
equalized
D)
5
Which of the following people would tend to favor a socialist economy?
6
The next wave of marketable innovations may involve new ways to produce and conserve
energy. If we can turn new technology into marketable products and services that produce
energy to run our businesses and homes, the U.S. could see a surge in output of goods and
services. The Department of Economic Development would document this surge by
measuring the ______.
A decrease in GDP
B)
8 While scanning the movies section in your local online newspaper, you click on the business
section by mistake. While you're there, you quickly scan a report that says government
spending will again exceed tax revenues in the current year. This means that the:
9
The Federal Reserve System operates:
10
Senator Gong Lee is alarmed at the state of the economy. Unemployment is high and GDP is
low. Senator Lee wants Congress to take action to increase its expenditures and cut taxes in
order to stimulate the economy. The actions called for by Senator Lee are examples of:
monetary policy.
A)
fiscal policy.
B)
incomes policy.
C)