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Exam Elaboration | Nursing
BUS 121 Midterm Study Sheet
SKU: BUS 121 | Pages: 13 | Year: 2022
Document Brief Description
BUS 121 Midterm Study Sheet
What occurs when the quantity demanded exceeds the quantity supplied?
A) demand deficit
B) surplus
C) equilibrium po...
BUS 121 Midterm Study Sheet
What occurs when the quantity demanded exceeds the quantity supplied?
A) demand deficit
B) surplus
C) equilibrium point
D) shortage
E) supply schedule
Explanation: D) When demand exceeds supply, there will not be enough goods available to meet the demand for them. This is known as a shortage.Page Ref: 12
Which of the following does NOT represent a degree of competition in a private enterprise system?
A) oligopoly
B) socialism
C) monopoly
D) perfect competition
E) monopolistic competition
Explanation: B) Competition is the economic condition in which there are certain demands that can be met by more than one business, so businesses in the same industry
compete for the same resources or customers. Page Ref: 14
Which of the following exists when an industry or market has only one producer?
A) competition
B) oligopoly
C) monopoly
D) communism
E) socialism
C) A monopoly is a market or industry in which there is only one producer that supplies a certain product. Monopolies in the United States economy are either discouraged or
regulated so that prices are not too high. Page Ref: 16
Which term refers to the pattern of short-term ups and downs in an economy?
A) aggregate output
B) business cycle
C) standard of living
D) balance of payments
E) demand and supply schedule
B) The business cycle is the short-term pattern of economic expansions and contractions. Page Ref: 17
Which term refers to the total quantity and quality of goods and services that people living in an economic
system can purchase?
A) business cycle
B) demand and supply schedule
C) standard of living
D) aggregate output
E) consumer price index
C) The standard of living is the total quantity and quality of goods and services that people can purchase with the currency used in their economic system. Standard of living is determined by economic
conditions such as inflation and purchasing power. Page Ref: 17
Which term refers to the total value of all goods and services produced within a given period by a national
economy?
A) standard of living
B) aggregate output
C) gross domestic product
D) gross national produce
E) purchasing power parity
C) Gross domestic product is the total value of all goods and services produced within a given period by a national economy through domestic factors of production. Page Ref: 17
Which of the following measures indicates the prices of typical products purchased by American consumers
living in urban areas?
A) GDP per capita
B) standard of living
C) consumer price index
D) purchasing power parity
- 13-pages detailed model answer (PDF + online view)
- Clinical reasoning & medication selection justified
- NP-level explanation with key teaching points
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BUS 121 Midterm Study Sheet BUS 121 Midterm Study Sheet BUS 121 Midterm Study Sheet BUS 121 Midterm Study Sheet BUS 121 Midterm Study Sheet BUS 121 Midterm Study Sheet BUS 121 Midterm Study Sheet
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