ECN104 QUIZ 1 PART 3

docx

School

Toronto Metropolitan University *

*We aren’t endorsed by this school

Course

101

Subject

Economics

Date

Jan 9, 2024

Type

docx

Pages

Uploaded by jaydog90210

ECN 104 QUIZ 1 PART 3 15. Question:  What is the term for a situation where the government takes in more revenue than it spends in a given fiscal year? a) Budget deficit b) Fiscal surplus c) National debt d) Monetary expansion 16. Question:  According to the law of supply, what happens to the quantity supplied when the price of a good increases? a) Quantity supplied increases b) Quantity supplied decreases c) Quantity supplied remains constant d) Quantity supplied fluctuates randomly 17. Question:  Which of the following is considered a leading economic indicator? a) Stock prices b) Unemployment rate c) Consumer spending d) Gross Domestic Product (GDP) 18. Question:  In the context of international trade, what does the term "trade surplus" mean? a) Exports exceed imports b) Imports exceed exports c) Balanced trade d) No trade is occurring 19. Question:  What is the term for the situation where a single firm dominates the entire supply chain, from raw materials to the final product? a) Vertical integration b) Horizontal integration c) Monopsony d) Oligopoly 20. Question:  When does a market reach equilibrium? a) When demand is high b) When supply exceeds demand c) When quantity demanded equals quantity supplied d) When prices are constantly changing

Discover more documents: Sign up today!

Unlock a world of knowledge! Explore tailored content for a richer learning experience. Here's what you'll get:

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

Related Documents

ECN104 QUIZ 1 PART 5.docx

ECN104 QUIZ 1 PART 7.docx

Saka Bepp 1000 F22 Final Exam.docx

ECN104 QUIZ 1 PART 4.docx

ECN104 QUIZ 1 PART 6.docx

ECN201 QUIZ 1.docx

ECN104 QUIZ 1 PART 2.docx

ps1-2.docx

Week 2 Homework.docx

Home assignment 10.pdf

Negotiations Assignment FINAL.pdf

2.2.5 Practice_ Illustrating Supply and Demand.pdf

Recommended textbooks for you

Exploring Economics

Economics

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:SAGE Publications, Inc

Managerial Economics: Applications, Strategies an...

Economics

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:Cengage Learning

Microeconomics: Principles & Policy

Economics

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:Cengage Learning

Microeconomics: Private and Public Choice (MindTa...

Economics

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:Cengage Learning

Economics: Private and Public Choice (MindTap Cou...

Economics

ISBN:9781305506725

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:Cengage Learning

Economics:

Economics

ISBN:9781285859460

Author:BOYES, William

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Exploring Economics
Economics
ISBN:9781544336329
Author:Robert L. Sexton
Publisher:SAGE Publications, Inc
Managerial Economics: Applications, Strategies an...
Economics
ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:Cengage Learning
Microeconomics: Principles & Policy
Economics
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:Cengage Learning
Microeconomics: Private and Public Choice (MindTa...
Economics
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Economics:
Economics
ISBN:9781285859460
Author:BOYES, William
Publisher:Cengage Learning