Question 1

The point at which the supply curve and the demand curve intersect is the market price.

Accepted Answer

A) True 
 B)False

Question 2

Physical resources include the data and other information used by businesses.

Accepted Answer

A) True 
 B)False

Question 3

What is the general term for resources used by a business to produce a good or service referred to as?

Accepted Answer

A)  Labor 
B)  Human Resources 
C)  Human capital 
D)  Factors of production 
E)  Economic systems 
A)  Labor 
B)  Human Resources 
C)  Human capital 
D)  Factors of production 
E)  Economic systems

Question 4

National economies, regardless of industry, are measured through what?

Accepted Answer

A)  Standard of living 
B)  Aggregate output 
C)  Gross domestic product 
D)  Output per capita 
E)  Inflation rates 
A)  Standard of living 
B)  Aggregate output 
C)  Gross domestic product 
D)  Output per capita 
E)  Inflation rates

Question 5

Which of the following BEST describes what the consumer price index is used to indicate?

Accepted Answer

A)  The average wage rate for a given region 
B)  The economic performance of key consumer product companies 
C)  The changes in the cost of consumer products over time 
D)  The percentage of consumers in the total population looking for work 
E)  The number of price increases within a given period of time 
A)  The average wage rate for a given region 
B)  The economic performance of key consumer product companies 
C)  The changes in the cost of consumer products over time 
D)  The percentage of consumers in the total population looking for work 
E)  The number of price increases within a given period of time

Question 6

Which term refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production?

Accepted Answer

A)  Standard of living 
B)  Aggregate output 
C)  Gross domestic product 
D)  Gross national product 
E)  Purchasing power parity 
A)  Standard of living 
B)  Aggregate output 
C)  Gross domestic product 
D)  Gross national product 
E)  Purchasing power parity

Question 7

Which of the following represents the ownership of resources used in a private enterprise system?

Accepted Answer

A)  Freedom of choice 
B)  Private property rights 
C)  Increased profits 
D)  Limited competition 
E)  Perfect competition 
A)  Freedom of choice 
B)  Private property rights 
C)  Increased profits 
D)  Limited competition 
E)  Perfect competition

Question 8

The United States government manages the collection and spending of its revenues through monetary policy.

Accepted Answer

A) True 
 B)False

Question 9

Factors such as international trade agreements, economic conditions, and political unrest will have the greatest impact on what type of business environment?

Accepted Answer

A)  Global business environment 
B)  Economic environment 
C)  Domestic business environment 
D)  Technological environment 
E)  Political-legal environment 
A)  Global business environment 
B)  Economic environment 
C)  Domestic business environment 
D)  Technological environment 
E)  Political-legal environment

Question 10

Deflation, an indication that the economy is contracting, is characterized by price stabilization of goods.

Accepted Answer

A) True 
 B)False

Question 11

What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?

Accepted Answer

A)  Unemployment 
B)  Stability 
C)  Deflation 
D)  Inflation 
E)  Oversupply 
A)  Unemployment 
B)  Stability 
C)  Deflation 
D)  Inflation 
E)  Oversupply

Question 12

Graphically, what has been achieved when price of goods demanded is equal to the quantity of goods supplied?

Accepted Answer

A)  Supply curve optimization 
B)  Potential for surplus 
C)  Price reductions 
D)  Freedom of choice opportunities 
E)  Equilibrium price 
A)  Supply curve optimization 
B)  Potential for surplus 
C)  Price reductions 
D)  Freedom of choice opportunities 
E)  Equilibrium price

Question 13

Which of the following BEST describes nominal GDP?

Accepted Answer

A)  Total quantity of goods and services produced by an economic system 
B)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production, measured in current dollars or with all components valued at current prices 
C)  Total value of all goods and services produced within a given period by a national economy regardless of where the factors of production are located 
D)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production, adjusted to account for changes in currency values and price changes 
E)  Total quantity of goods and services that are imported within a given period of time 
A)  Total quantity of goods and services produced by an economic system 
B)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production, measured in current dollars or with all components valued at current prices 
C)  Total value of all goods and services produced within a given period by a national economy regardless of where the factors of production are located 
D)  Total value of all goods and services produced within a given period by a national economy through domestic factors of production, adjusted to account for changes in currency values and price changes 
E)  Total quantity of goods and services that are imported within a given period of time

Question 14

What term do economists use for the pattern of short-term expansions and contractions in the economy?

Accepted Answer

A)  Business cycle 
B)  Aggregate output 
C)  Standard of living 
D)  Consumer price index 
E)  Purchasing power parity 
A)  Business cycle 
B)  Aggregate output 
C)  Standard of living 
D)  Consumer price index 
E)  Purchasing power parity

Question 15

The technological environment includes only electronics and telecommunications used to perform business activities.

Accepted Answer

A) True 
 B)False

Question 16

What is the difference between an economic recession and an economic depression?

Accepted Answer

To determine whether an economy is going

Question 17

The primary measure of growth in the business cycle is inflation.

Accepted Answer

A) True 
 B)False

Question 18

What factor of production is used to generate forecasts based on specialized knowledge and economic data?

Accepted Answer

A)  Economic resources 
B)  Labor 
C)  Information resources 
D)  Entrepreneurs 
E)  Physical resources 
A)  Economic resources 
B)  Labor 
C)  Information resources 
D)  Entrepreneurs 
E)  Physical resources

Question 19

The main measure of growth in the business cycle is aggregate output.

Accepted Answer

A) True 
 B)False

Question 20

What is needed to gain a competitive advantage over competitors?

Accepted Answer

A)  The ability to produce goods and services and sell those at a fixed profit 
B)  The ability to produce goods and services and sell those at a high profit 
C)  The ability to produce goods or services efficiently and at a reasonable profit 
D)  The ability to leverage the internet to sell in a global marketplace 
E)  The ability to have a unique good or service that cannot be easily duplicated by competitors 
A)  The ability to produce goods and services and sell those at a fixed profit 
B)  The ability to produce goods and services and sell those at a high profit 
C)  The ability to produce goods or services efficiently and at a reasonable profit 
D)  The ability to leverage the internet to sell in a global marketplace 
E)  The ability to have a unique good or service that cannot be easily duplicated by competitors

The point at which the supply curve and the demand curve intersect is the market price.

Physical resources include the data and other information used by businesses.

What is the general term for resources used by a business to produce a good or service referred to as?

National economies, regardless of industry, are measured through what?

Which of the following BEST describes what the consumer price index is used to indicate?

Which term refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production?

Which of the following represents the ownership of resources used in a private enterprise system?

The United States government manages the collection and spending of its revenues through monetary policy.

Factors such as international trade agreements, economic conditions, and political unrest will have the greatest impact on what type of business environment?

Deflation, an indication that the economy is contracting, is characterized by price stabilization of goods.

What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?

Graphically, what has been achieved when price of goods demanded is equal to the quantity of goods supplied?

Which of the following BEST describes nominal GDP?

What term do economists use for the pattern of short-term expansions and contractions in the economy?

The technological environment includes only electronics and telecommunications used to perform business activities.

What is the difference between an economic recession and an economic depression?

The primary measure of growth in the business cycle is inflation.

What factor of production is used to generate forecasts based on specialized knowledge and economic data?

The main measure of growth in the business cycle is aggregate output.

What is needed to gain a competitive advantage over competitors?

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

The point at which the supply curve and the demand curve intersect is the market price.

Physical resources include the data and other information used by businesses.

What is the general term for resources used by a business to produce a good or service referred to as?

National economies, regardless of industry, are measured through what?

Which of the following BEST describes what the consumer price index is used to indicate?

Which term refers to the total value of all goods and services produced within a given period by a national economy through domestic factors of production?

Which of the following represents the ownership of resources used in a private enterprise system?

The United States government manages the collection and spending of its revenues through monetary policy.

Factors such as international trade agreements, economic conditions, and political unrest will have the greatest impact on what type of business environment?

Deflation, an indication that the economy is contracting, is characterized by price stabilization of goods.

What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?

Graphically, what has been achieved when price of goods demanded is equal to the quantity of goods supplied?

Which of the following BEST describes nominal GDP?

What term do economists use for the pattern of short-term expansions and contractions in the economy?

The technological environment includes only electronics and telecommunications used to perform business activities.

What is the difference between an economic recession and an economic depression?

The primary measure of growth in the business cycle is inflation.

What factor of production is used to generate forecasts based on specialized knowledge and economic data?

The main measure of growth in the business cycle is aggregate output.

What is needed to gain a competitive advantage over competitors?

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