Question 1

Which of the following businesses provides its customers with a service?

Accepted Answer

A) a pecan grower 
B) a wheat farmer 
C) a mattress manufacturer 
D) a used book store 
E) a law office 
A) a pecan grower 
B) a wheat farmer 
C) a mattress manufacturer 
D) a used book store 
E) a law office E

Question 2

The new employee that Dunn Photographic Services hired is an example of which factor of production?

Accepted Answer

A) natural resources 
B) capital 
C) wages 
D) interest 
E) labor 
A) natural resources 
B) capital 
C) wages 
D) interest 
E) labor E

Question 3

A farmer's market where sixty farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition.

Accepted Answer

A) True 
 B)False  False

Question 4

As one of the factors of production, capital includes all of the following EXCEPT:

Accepted Answer

A) tools 
B) machinery 
C) equipment 
D) money 
E) delivery trucks 
A) tools 
B) machinery 
C) equipment 
D) money 
E) delivery trucks

Question 5

Which of the following factors would most likely result in a dramatic change in demand?

Accepted Answer

A) Cheaper production technology 
B) An expectations about future prices 
C) The multiplier effect 
D) The 80/20 principle 
E) A change in the price of raw materials used in the production process 
A) Cheaper production technology 
B) An expectations about future prices 
C) The multiplier effect 
D) The 80/20 principle 
E) A change in the price of raw materials used in the production process

Question 6

_____ is the quantity of a good or service that people are willing to buy at various prices.

Accepted Answer

A) Demand 
B) Supply 
C) Market potential 
D) Market share 
E) Capacity 
A) Demand 
B) Supply 
C) Market potential 
D) Market share 
E) Capacity

Question 7

A strategic alliance is sometimes called a(n):

Accepted Answer

A) strategic partnership 
B) transactional partnership 
C) economic merger 
D) economic partnership 
E) exchange relationship 
A) strategic partnership 
B) transactional partnership 
C) economic merger 
D) economic partnership 
E) exchange relationship

Question 8

Because the government owns the factors of production in public lands, postal service, and some water resources, Great Britain is considered a(n):

Accepted Answer

A) mixed economy 
B) quasi-public economy 
C) socialistic economy 
D) semi-socialistic economy 
E) unified-socialistic economy 
A) mixed economy 
B) quasi-public economy 
C) socialistic economy 
D) semi-socialistic economy 
E) unified-socialistic economy

Question 9

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:

Accepted Answer

A) capitalism 
B) socialism 
C) communism 
D) public enterprise 
E) laissez faire 
A) capitalism 
B) socialism 
C) communism 
D) public enterprise 
E) laissez faire

Question 10

When the economy is in a recession, many companies must lay off workers, which causes _____ unemployment.

Accepted Answer

A) structural 
B) cultural 
C) cyclical 
D) frictional 
E) operational 
A) structural 
B) cultural 
C) cyclical 
D) frictional 
E) operational

Question 11

The point at which quantity demanded equals quantity supplied is called the point of _____.

Accepted Answer

The answer of The point at which quantity demanded equals...

Question 12

The term Generation X refers to people born between 1965 and 1980.

Accepted Answer

A) True 
 B)False

Question 13

Avery Lutz quit his landscaping job in Florida and has moved to British Colombia, where he is actively seeking employment in the real estate industry.This is an example of _____ unemployment.

Accepted Answer

A) structural 
B) fiscal 
C) frictional 
D) predictable 
E) seasonal 
A) structural 
B) fiscal 
C) frictional 
D) predictable 
E) seasonal

Question 14

_____ is the complete opposite of capitalism.

Accepted Answer

The answer of _____ is the complete opposite of capitalism....

Question 15

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

Accepted Answer

A) standard of living 
B) consumer productivity 
C) input per person 
D) quality of life 
E) total consumption rate 
A) standard of living 
B) consumer productivity 
C) input per person 
D) quality of life 
E) total consumption rate

Question 16

Which of the following is the best example of a service?

Accepted Answer

A) the pleasure you derive from seeing a good play 
B) the license tags you purchased for your car 
C) the hamburger you bought for lunch 
D) the gallon of milk you purchased at the convenience store 
E) the grill on which you cook steak 
A) the pleasure you derive from seeing a good play 
B) the license tags you purchased for your car 
C) the hamburger you bought for lunch 
D) the gallon of milk you purchased at the convenience store 
E) the grill on which you cook steak

Question 17

Successful owners and managers must continually study which of the following elements of the environment to remain successful?

Accepted Answer

A) Demographic change 
B) Social change 
C) Evolving economic systems 
D) Emerging technology 
E) All of the above 
A) Demographic change 
B) Social change 
C) Evolving economic systems 
D) Emerging technology 
E) All of the above

Question 18

_____ are people who combines the inputs of natural resources, labor, and capital to produce goods and services with the intention of making a profit

Accepted Answer

The answer of _____ are people who combines the inputs...

Question 19

The _____ measures prices paid by producers and wholesalers for commodities, including raw materials and finished products.

Accepted Answer

A) wholesale cost index 
B) GDP index 
C) purchasing power index 
D) raw material price index 
E) producer price index 
A) wholesale cost index 
B) GDP index 
C) purchasing power index 
D) raw material price index 
E) producer price index

Question 20

Which federal government department is responsible for publishing the consumer price index (CPI)?

Accepted Answer

the Depart

Which of the following businesses provides its customers with a service?

The new employee that Dunn Photographic Services hired is an example of which factor of production?

A farmer's market where sixty farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition.

As one of the factors of production, capital includes all of the following EXCEPT:

Which of the following factors would most likely result in a dramatic change in demand?

_____ is the quantity of a good or service that people are willing to buy at various prices.

A strategic alliance is sometimes called a(n):

Because the government owns the factors of production in public lands, postal service, and some water resources, Great Britain is considered a(n):

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:

When the economy is in a recession, many companies must lay off workers, which causes _____ unemployment.

The point at which quantity demanded equals quantity supplied is called the point of _____.

The term Generation X refers to people born between 1965 and 1980.

Avery Lutz quit his landscaping job in Florida and has moved to British Colombia, where he is actively seeking employment in the real estate industry.This is an example of _____ unemployment.

_____ is the complete opposite of capitalism.

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

Which of the following is the best example of a service?

Successful owners and managers must continually study which of the following elements of the environment to remain successful?

_____ are people who combines the inputs of natural resources, labor, and capital to produce goods and services with the intention of making a profit

The _____ measures prices paid by producers and wholesalers for commodities, including raw materials and finished products.

Which federal government department is responsible for publishing the consumer price index (CPI)?

Making Ethical Decisions and Managing a Socially Responsible Business

Competing in the Global Marketplace

Forms of Business Ownership

Entrepreneurship: Starting and Managing Your Own Business

Management and Leadership in Todays Organizations

Designing Organizational Structures

Managing Human Resources and Labor Relations

Motivating Employees

Achieving World-Class Operations Management

Creating Products and Pricing Strategies to Meet Customers Needs

Distributing and Promoting Products and Services

Using Technology to Manage Information

Using Financial Information and Accounting

Understanding Money and Financial Institutions

Understanding Financial Management and Securities Markets

Your Career in Business

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Exam 1: Understanding Economic Systems and Business

Which of the following businesses provides its customers with a service?

The new employee that Dunn Photographic Services hired is an example of which factor of production?

A farmer's market where sixty farmers come weekly to sell the produce they grow in their gardens is an example of monopolistic competition.

As one of the factors of production, capital includes all of the following EXCEPT:

Which of the following factors would most likely result in a dramatic change in demand?

_____ is the quantity of a good or service that people are willing to buy at various prices.

A strategic alliance is sometimes called a(n):

Because the government owns the factors of production in public lands, postal service, and some water resources, Great Britain is considered a(n):

The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:

When the economy is in a recession, many companies must lay off workers, which causes _____ unemployment.

The point at which quantity demanded equals quantity supplied is called the point of _____.

The term Generation X refers to people born between 1965 and 1980.

Avery Lutz quit his landscaping job in Florida and has moved to British Colombia, where he is actively seeking employment in the real estate industry.This is an example of _____ unemployment.

_____ is the complete opposite of capitalism.

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

Which of the following is the best example of a service?

Successful owners and managers must continually study which of the following elements of the environment to remain successful?

_____ are people who combines the inputs of natural resources, labor, and capital to produce goods and services with the intention of making a profit

The _____ measures prices paid by producers and wholesalers for commodities, including raw materials and finished products.

Which federal government department is responsible for publishing the consumer price index (CPI)?

Making Ethical Decisions and Managing a Socially Responsible Business

Competing in the Global Marketplace

Forms of Business Ownership

Entrepreneurship: Starting and Managing Your Own Business

Management and Leadership in Todays Organizations

Designing Organizational Structures

Managing Human Resources and Labor Relations

Motivating Employees

Achieving World-Class Operations Management

Creating Products and Pricing Strategies to Meet Customers Needs

Distributing and Promoting Products and Services

Using Technology to Manage Information

Using Financial Information and Accounting

Understanding Money and Financial Institutions

Understanding Financial Management and Securities Markets

Your Career in Business

Filters