Question 1

Describe the role of information resources in business.

Accepted Answer

The production of tangible goods once do

Question 2

How can price be best determined?

Accepted Answer

The demand and supply schedule can be us

Question 3

What is the term used to describe a market condition where buyers are able to satisfy the demand of the consumer, yet have some product remain unsold?

Accepted Answer

A)  Surplus 
B)  Stoppage 
C)  Shortage 
D)  Demand deficit 
E)  Equilibrium price 
A)  Surplus 
B)  Stoppage 
C)  Shortage 
D)  Demand deficit 
E)  Equilibrium price

Question 4

How does monopolistic competition differ from perfect competition?

Accepted Answer

A)  There are more sellers in a market characterized by monopolistic competition. 
B)  It is easier for sellers to enter a market or industry characterized by monopolistic competition. 
C)  In a perfectly competitive market, products are more dissimilar. 
D)  In a market characterized by monopolistic competition, individual firms have some control over price. 
E)  In a perfectly competitive market, the size of the firms must be large. 
A)  There are more sellers in a market characterized by monopolistic competition. 
B)  It is easier for sellers to enter a market or industry characterized by monopolistic competition. 
C)  In a perfectly competitive market, products are more dissimilar. 
D)  In a market characterized by monopolistic competition, individual firms have some control over price. 
E)  In a perfectly competitive market, the size of the firms must be large.

Question 5

What does productivity measure?

Accepted Answer

A)  The total value of all goods and services produced by a national economy 
B)  How much a system produces with the resources needed to produce it 
C)  How much output is necessary to produce a certain level of demand 
D)  The standard of living relative to purchasing power parity 
E)  How much gross national product results from inputs of labor 
A)  The total value of all goods and services produced by a national economy 
B)  How much a system produces with the resources needed to produce it 
C)  How much output is necessary to produce a certain level of demand 
D)  The standard of living relative to purchasing power parity 
E)  How much gross national product results from inputs of labor

Question 6

When gross domestic product increases, what is the outcome for economic growth?

Accepted Answer

A)  Aggregate output will increase. 
B)  The nation will experience a slowdown in growth. 
C)  Aggregate output will decrease. 
D)  Growth will remain steady when compared to developing nations. 
E)  Growth will decline based on the value of the national currency. 
A)  Aggregate output will increase. 
B)  The nation will experience a slowdown in growth. 
C)  Aggregate output will decrease. 
D)  Growth will remain steady when compared to developing nations. 
E)  Growth will decline based on the value of the national currency.

Question 7

What is the primary force that determines what a firm buys and sells?

Accepted Answer

A)  Laws of supply and demand 
B)  The demand and supply schedule 
C)  Economic resources 
D)  Equilibrium price 
E)  The private enterprise system 
A)  Laws of supply and demand 
B)  The demand and supply schedule 
C)  Economic resources 
D)  Equilibrium price 
E)  The private enterprise system

Question 8

The pursuit of profits is how a business differs from organizations such as public universities, public hospitals, and government agencies.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following BEST gives the meaning of the term gross domestic product?

Accepted Answer

A)  Total quantity of goods and services produced by an economic system 
B)  Total quantity of goods that a country's citizens can purchase with the currency used in their economic system 
C)  Conditions of the economic system in which an organization operates 
D)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production 
E)  Indicators of available goods and services produced within a specific domestic market 
A)  Total quantity of goods and services produced by an economic system 
B)  Total quantity of goods that a country's citizens can purchase with the currency used in their economic system 
C)  Conditions of the economic system in which an organization operates 
D)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production 
E)  Indicators of available goods and services produced within a specific domestic market

Question 10

Why is it important to calculate purchasing power parity in the global market?

Accepted Answer

A)  It indicates how much consumers will pay for goods and services. 
B)  It determines interest rates on short-term debt. 
C)  It identifies how much the nominal GDP should be adjusted. 
D)  It determines standards of living across the globe. 
E)  It indicates the level of disposable income in developed nations. 
A)  It indicates how much consumers will pay for goods and services. 
B)  It determines interest rates on short-term debt. 
C)  It identifies how much the nominal GDP should be adjusted. 
D)  It determines standards of living across the globe. 
E)  It indicates the level of disposable income in developed nations.

Question 11

One of the four elements that are necessary for private enterprise to be carried out is reasonable prices.

Accepted Answer

A) True 
 B)False

Question 12

What type of policy is made up of fiscal and monetary policy?

Accepted Answer

A)  Trade 
B)  Employment 
C)  Stabilization 
D)  Tax 
E)  Foreign 
A)  Trade 
B)  Employment 
C)  Stabilization 
D)  Tax 
E)  Foreign

Question 13

Which economic system emphasizes the private ownership of most factors of production?

Accepted Answer

A)  Socialism 
B)  Communism 
C)  Capitalism 
D)  Marxism 
E)  Federalism 
A)  Socialism 
B)  Communism 
C)  Capitalism 
D)  Marxism 
E)  Federalism

Question 14

Discuss the two forms of planned economies and give examples of each.

Accepted Answer

There are two basic forms of planned eco

Question 15

What is the term for the physical and intellectual contributions of people while engaged in the production of goods and services?

Accepted Answer

A)  Human resources 
B)  Working capital 
C)  Physical resources 
D)  Planned resources 
E)  Market resources 
A)  Human resources 
B)  Working capital 
C)  Physical resources 
D)  Planned resources 
E)  Market resources

Question 16

China functions as a communistic economy and political system.

Accepted Answer

A) True 
 B)False

Question 17

The amount of money that a government owes its creditors is referred to as that country's

Accepted Answer

A)  GDP. 
B)  national debt. 
C)  consumer price index. 
D)  inflation rate. 
E)  GNP. 
A)  GDP. 
B)  national debt. 
C)  consumer price index. 
D)  inflation rate. 
E)  GNP.

Question 18

Economic systems differ in how factors of production are used.

Accepted Answer

A) True 
 B)False

Question 19

Economic indicators help to assess the performance of an economy.

Accepted Answer

A) True 
 B)False

Question 20

What are the benefits of business for society?

Accepted Answer

Businesses produce most of the goods and

Describe the role of information resources in business.

How can price be best determined?

What is the term used to describe a market condition where buyers are able to satisfy the demand of the consumer, yet have some product remain unsold?

How does monopolistic competition differ from perfect competition?

What does productivity measure?

When gross domestic product increases, what is the outcome for economic growth?

What is the primary force that determines what a firm buys and sells?

The pursuit of profits is how a business differs from organizations such as public universities, public hospitals, and government agencies.

Which of the following BEST gives the meaning of the term gross domestic product?

Why is it important to calculate purchasing power parity in the global market?

One of the four elements that are necessary for private enterprise to be carried out is reasonable prices.

What type of policy is made up of fiscal and monetary policy?

Which economic system emphasizes the private ownership of most factors of production?

Discuss the two forms of planned economies and give examples of each.

What is the term for the physical and intellectual contributions of people while engaged in the production of goods and services?

China functions as a communistic economy and political system.

The amount of money that a government owes its creditors is referred to as that country's

Economic systems differ in how factors of production are used.

Economic indicators help to assess the performance of an economy.

What are the benefits of business for society?

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters

Exam 1: The U.S. Business Environment

Describe the role of information resources in business.

How can price be best determined?

What is the term used to describe a market condition where buyers are able to satisfy the demand of the consumer, yet have some product remain unsold?

How does monopolistic competition differ from perfect competition?

What does productivity measure?

When gross domestic product increases, what is the outcome for economic growth?

What is the primary force that determines what a firm buys and sells?

The pursuit of profits is how a business differs from organizations such as public universities, public hospitals, and government agencies.

Which of the following BEST gives the meaning of the term gross domestic product?

Why is it important to calculate purchasing power parity in the global market?

One of the four elements that are necessary for private enterprise to be carried out is reasonable prices.

What type of policy is made up of fiscal and monetary policy?

Which economic system emphasizes the private ownership of most factors of production?

Discuss the two forms of planned economies and give examples of each.

What is the term for the physical and intellectual contributions of people while engaged in the production of goods and services?

China functions as a communistic economy and political system.

The amount of money that a government owes its creditors is referred to as that country's

Economic systems differ in how factors of production are used.

Economic indicators help to assess the performance of an economy.

What are the benefits of business for society?

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters