Question 1

Product differentiation is common in a market characterized by monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 2

The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?

Accepted Answer

A)  Market economy 
B)  Socialist based economy 
C)  Mixed market economy 
D)  Capitalist market economy 
E)  Communist based economy 
A)  Market economy 
B)  Socialist based economy 
C)  Mixed market economy 
D)  Capitalist market economy 
E)  Communist based economy

Question 3

What can be used to determine relationships among different levels of demand and supply, based on price?

Accepted Answer

A)  Market economies 
B)  Degrees of competition 
C)  Surplus to shortage relationships 
D)  Demand and supply curves 
E)  Private enterprise competition 
A)  Market economies 
B)  Degrees of competition 
C)  Surplus to shortage relationships 
D)  Demand and supply curves 
E)  Private enterprise competition

Question 4

The government can influence the availability of capital through the use of the Federal Reserve System.

Accepted Answer

A) True 
 B)False

Question 5

Explain the types of policies used by the U.S. government to manage the U.S. economy.

Accepted Answer

The government acts to manage the U.S. e

Question 6

What term denotes a nation's basis for allocating its resources among its citizens?

Accepted Answer

A)  Capital structure 
B)  Economic system 
C)  Ownership processes 
D)  Distribution network 
E)  National regulations 
A)  Capital structure 
B)  Economic system 
C)  Ownership processes 
D)  Distribution network 
E)  National regulations

Question 7

What does a planned economy rely on a centralized government to do?

Accepted Answer

A)  Support free enterprise in every way possible 
B)  Allocate all or most factors of production 
C)  Encourage citizens to buy shares of stock in small companies 
D)  Keep its control activities to a minimum 
E)  Direct workers to start their own small businesses 
A)  Support free enterprise in every way possible 
B)  Allocate all or most factors of production 
C)  Encourage citizens to buy shares of stock in small companies 
D)  Keep its control activities to a minimum 
E)  Direct workers to start their own small businesses

Question 8

Who is the person who accepts the risks and opportunities inherent in a new business opportunity?

Accepted Answer

A)  Capital managers 
B)  Entrepreneurs 
C)  Human resources 
D)  Home country economic systems managers 
E)  Managers 
A)  Capital managers 
B)  Entrepreneurs 
C)  Human resources 
D)  Home country economic systems managers 
E)  Managers

Question 9

Which term refers to the pattern of short-term ups and downs in an economy?

Accepted Answer

A)  Aggregate output 
B)  Business cycle 
C)  Standard of living 
D)  Balance of payments 
E)  Demand and supply schedule 
A)  Aggregate output 
B)  Business cycle 
C)  Standard of living 
D)  Balance of payments 
E)  Demand and supply schedule

Question 10

In perfect competition, which of the following conditions must prevail?

Accepted Answer

A)  All firms must adhere to cost and pricing standards. 
B)  The number of firms in the industry must be limited. 
C)  A single firm is able to influence the price of its product. 
D)  It is relatively difficult to enter the industry. 
E)  All firms in a given industry must be small. 
A)  All firms must adhere to cost and pricing standards. 
B)  The number of firms in the industry must be limited. 
C)  A single firm is able to influence the price of its product. 
D)  It is relatively difficult to enter the industry. 
E)  All firms in a given industry must be small.

Product differentiation is common in a market characterized by monopolistic competition.

The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?

What can be used to determine relationships among different levels of demand and supply, based on price?

The government can influence the availability of capital through the use of the Federal Reserve System.

Explain the types of policies used by the U.S. government to manage the U.S. economy.

What term denotes a nation's basis for allocating its resources among its citizens?

What does a planned economy rely on a centralized government to do?

Who is the person who accepts the risks and opportunities inherent in a new business opportunity?

Which term refers to the pattern of short-term ups and downs in an economy?

In perfect competition, which of the following conditions must prevail?

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

Product differentiation is common in a market characterized by monopolistic competition.

The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?

What can be used to determine relationships among different levels of demand and supply, based on price?

The government can influence the availability of capital through the use of the Federal Reserve System.

Explain the types of policies used by the U.S. government to manage the U.S. economy.

What term denotes a nation's basis for allocating its resources among its citizens?

What does a planned economy rely on a centralized government to do?

Who is the person who accepts the risks and opportunities inherent in a new business opportunity?

Which term refers to the pattern of short-term ups and downs in an economy?

In perfect competition, which of the following conditions must prevail?

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