MIE 201 Exam #1
Which of the following is an example of insider trading? - correct answer The chief
executive officer of an IT company purchases shares in the company as he learns
that the company is being taken over by a global IT firm
A situation in which you must choose between two conflicting but arguably valid
alternatives would be known as a(n) - correct answer ethical dilemma
Which of the following is a characteristic feature of economic contraction? - correct
answer decreased consumer spending
Which of the following best describes economic globalization? - correct answer The
increasing integration and interdependence of world-wide national economies
The ____________ measures a country's production, distribution, and use of goods
and services by computing the sum of all goods and services produced for final use
during a specified period - correct answer gross domestic product (GDP)
One of the best ways to establish yourself as a professional, and to stand out from
your competition is to ________ - correct answer improve your communication skills
Why would the government lower the income tax rate? - correct answer to
encourage consumers and businesses to spend money not paid in taxes
When demand for goods and services drops, businesses reduce pollution, thereby
requiring fewer workers. The unemployment resulting because of this phenomenon
is known as _______________ unemployment. - correct answer cyclical
If the government owns many of the key industrial sectors, such as transportation,
health care, and communications, but private ownership is allowed in other
industries, what type of economic system does the country have? - correct answer
socialism
