Exam 1: The U.S. Business Environment

Which type of business environment can reduce or replace the need for traditional working methods, physical equipment, and other platforms needed to conduct business?

The consumer price index is expressed as a percentage of prices as compared to a base period.

Which of the following measures indicates the prices of typical products purchased by American consumers living in urban areas?

What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal?

Which of the following is one of the elements required in private enterprise?

How would supply affect the aggregate output of an economy?

When there are many small firms in a specific industry, what is likely to occur?

Discuss each of the four principles of private enterprise systems.

Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?

Discuss the balance of trade in the United States and how it affects debt.

What takes place when buyers purchase more of a product when the price drops, and less when the price increases?

What type of economy is the United States reflective of?

Which of the following would lead some to become an entrepreneur and influence the choice of goods or services to produce?

An organizations external environment consists of everything that might affect it.

Which of the following is the MOST likely pricing approach for a monopoly?

How does the amount of national debt influence the bond market in the United States?

In a market system, individuals are limited as to what they can buy and in how they can spend their money.

If, in the long run, international trade improves the standards of living in participating countries, why might some countries want to place trade barriers, such as extra taxes, on imported products?

What marks the key difference between economic systems?

In a market economy, there is a centralized government that controls factors of production and decision making.