Roberto is researching South Africa’s economy. He looks up the country’s ______, which is a monthly index that measures the changes in prices of a fixed basket of goods purchased b

1. Roberto is researching South Africa’s economy. He looks up the country’s ______, which is a monthly index that measures the changes in prices of a fixed basket of goods purchased by a typical consumer in an urban area.
consumer price index (CPI)
balance of trade
producer price index (PPI)
gross domestic product (GDP)
2. At what stage in the business cycle do companies become more focused on value in their production decisions?
Recession
Recovery
Peak
Trough
3. Jamar and Ezekiel are discussing recessions. They can’t agree on how many periods of three-month consecutive decline in a country’s gross domestic product (GDP) is considered a recession. A recession is _______ or more consecutive three-month periods of decline in a country’s GDP.
Three
Five
Four
Two
4. What are the characteristics of perfect competition?
Few buyers and many products
Many buyers and many sellers
Few buyers and many sellers
Few products and many buyers
5. If a report was released that showed using olive oil for cooking dramatically reduced the risk of heart disease in adults, what would be the likely effect on the demand for olive oil?
The demand for olive oil will decrease at every price.
The demand for olive oil would decrease.
The demand price for olive oil will be unaffected.
The demand for olive oil will increase at every price.
6. Ford, Chevrolet, and GM, are among the top U.S. auto manufacturers and sellers. Because the production of vehicles requires a sizeable investment, it is difficult to enter this market and the sellers are quite large. Which of the following best describes the market or industry in which these companies operate?
These businesses operate in a market best described as monopolistic competition.
These businesses operate in a perfect competition market.
These businesses operate in a market that would best be described as a monopoly.
These businesses operate in an oligopoly.
7. Separating the manufacturing process into distinct tasks and assigning each task to an individual or unit is called _____.
differentiation
specialization
industrialization
ambulation

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