Question 1

Factors of production are common to all productive activities, regardless of the economic system.

Accepted Answer

A) True 
 B)False

Question 2

The _____ is the central banking system in the United States that controls our monetary policy.

Accepted Answer

Federal Re

Question 3

In 2005, more than two-thirds of population of Haiti were not working, but were actively seeking employment.This 66.67 percent represents the nation's:

Accepted Answer

A) inflationary unemployment 
B) recessionary unemployment 
C) position on the international unemployment scale 
D) employment of scale 
E) unemployment rate 
A) inflationary unemployment 
B) recessionary unemployment 
C) position on the international unemployment scale 
D) employment of scale 
E) unemployment rate

Question 4

For the past ten years, Lou Lopez has been a welder for Ford Motor Company.This morning her boss informed her a robot would replace her.Lopez's unemployment is an example of _____ unemployment.

Accepted Answer

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

Question 5

The Federal Reserve System can do all of the following EXCEPT:

Accepted Answer

A) sell government securities 
B) raise interest rates 
C) tighten money supply 
D) lower taxes 
E) print money 
A) sell government securities 
B) raise interest rates 
C) tighten money supply 
D) lower taxes 
E) print money

Question 6

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

Accepted Answer

A) the iceberg effect 
B) the laddering of resources 
C) a change in consumer fashion 
D) expectations about prices of consumer products 
E) a change in the price of raw materials used in the production process 
A) the iceberg effect 
B) the laddering of resources 
C) a change in consumer fashion 
D) expectations about prices of consumer products 
E) a change in the price of raw materials used in the production process

Question 7

When you graduate from college and start looking for a job, you will experience _____ unemployment.

Accepted Answer

The answer of When you graduate from college and start...

Question 8

Thom Nielssen owns 500 acres of woodland.His forest is an example of which factor of production?

Accepted Answer

A) capital 
B) natural resources 
C) entrepreneurship 
D) labor 
E) expense 
A) capital 
B) natural resources 
C) entrepreneurship 
D) labor 
E) expense

Question 9

Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans?

Accepted Answer

A) demographic change 
B) social change 
C) global competition 
D) emerging technology 
E) evolving economic systems 
A) demographic change 
B) social change 
C) global competition 
D) emerging technology 
E) evolving economic systems

Question 10

List the four types of market structures.

Accepted Answer

pure monopoly, perfe

Question 11

On the island of Martha's Vineyard, jobs are plentiful during the summer months, but difficult to find in September once the tourist season ends and many restaurants and inns close.What kind of unemployment do people who work in the island's restaurants experience annually?

Accepted Answer

A) structural 
B) seasonal 
C) geographical 
D) operational 
E) tactical 
A) structural 
B) seasonal 
C) geographical 
D) operational 
E) tactical

Question 12

The average price of construction materials increased by 8.1 percent in 2005.The head of the Home Builders Association said it was due totally to increases in lumber, metal, and labor costs.The 8.1 percent increase is probably an example of:

Accepted Answer

A) deflation 
B) price gouging 
C) poor resource utility 
D) inflation 
E) resource munificence 
A) deflation 
B) price gouging 
C) poor resource utility 
D) inflation 
E) resource munificence

Question 13

Some global corporations are large enough to create major changes in the external environment.

Accepted Answer

A) True 
 B)False

Question 14

The _____ represents the prices of a market basket of goods and services as measured monthly by the Department of Labor.

Accepted Answer

A) inflation rate 
B) producer price index (PPI) 
C) wholesale cost index (WCI) 
D) consumer price index (CPI) 
E) GDP index 
A) inflation rate 
B) producer price index (PPI) 
C) wholesale cost index (WCI) 
D) consumer price index (CPI) 
E) GDP index

Question 15

The government does not consider full employment to mean 100 percent of its citizens are employed because:

Accepted Answer

A) some people are preparing for later employment by attending school 
B) some people choose to stay home to raise children rather than have a job outside the home 
C) some people are temporarily unemployed while they wait to start new jobs 
D) some people are not working because jobs are limited, and competition for jobs is intense. 
E) all of the above conditions can and do exist 
A) some people are preparing for later employment by attending school 
B) some people choose to stay home to raise children rather than have a job outside the home 
C) some people are temporarily unemployed while they wait to start new jobs 
D) some people are not working because jobs are limited, and competition for jobs is intense. 
E) all of the above conditions can and do exist

Question 16

Corrine Attlee has always enjoyed cooking more than doing anything else.Atlee has decided to quit her job as a college professor and invest her life savings in starting a restaurant.Attlee is an example of a(n):

Accepted Answer

A) production worker 
B) sales manager 
C) entrepreneur 
D) monetary manager 
E) fiscal manager 
A) production worker 
B) sales manager 
C) entrepreneur 
D) monetary manager 
E) fiscal manager

Question 17

The situation in which the average of all prices of products is rising is called inflation.

Accepted Answer

A) True 
 B)False

Question 18

The two types of inflation are:

Accepted Answer

A) demand-pull and supply-push 
B) recessionary and recovery 
C) cost-pull and supply-push 
D) demand-pull and cost-push 
E) demand push and supply-pull 
A) demand-pull and supply-push 
B) recessionary and recovery 
C) cost-pull and supply-push 
D) demand-pull and cost-push 
E) demand push and supply-pull

Question 19

The purchase of savings bonds by individuals allows the U.S.government to:

Accepted Answer

A) make sure that the burden of the national debt is spread more equitably 
B) concentrate on microeconomics strategy 
C) eliminate crowding out 
D) balance supply and demand 
E) create a perfect competition 
A) make sure that the burden of the national debt is spread more equitably 
B) concentrate on microeconomics strategy 
C) eliminate crowding out 
D) balance supply and demand 
E) create a perfect competition

Question 20

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

Accepted Answer

A) True 
 B)False

Factors of production are common to all productive activities, regardless of the economic system.

The _____ is the central banking system in the United States that controls our monetary policy.

In 2005, more than two-thirds of population of Haiti were not working, but were actively seeking employment.This 66.67 percent represents the nation's:

For the past ten years, Lou Lopez has been a welder for Ford Motor Company.This morning her boss informed her a robot would replace her.Lopez's unemployment is an example of _____ unemployment.

The Federal Reserve System can do all of the following EXCEPT:

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

When you graduate from college and start looking for a job, you will experience _____ unemployment.

Thom Nielssen owns 500 acres of woodland.His forest is an example of which factor of production?

Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans?

List the four types of market structures.

On the island of Martha's Vineyard, jobs are plentiful during the summer months, but difficult to find in September once the tourist season ends and many restaurants and inns close.What kind of unemployment do people who work in the island's restaurants experience annually?

The average price of construction materials increased by 8.1 percent in 2005.The head of the Home Builders Association said it was due totally to increases in lumber, metal, and labor costs.The 8.1 percent increase is probably an example of:

Some global corporations are large enough to create major changes in the external environment.

The _____ represents the prices of a market basket of goods and services as measured monthly by the Department of Labor.

The government does not consider full employment to mean 100 percent of its citizens are employed because:

Corrine Attlee has always enjoyed cooking more than doing anything else.Atlee has decided to quit her job as a college professor and invest her life savings in starting a restaurant.Attlee is an example of a(n):

The situation in which the average of all prices of products is rising is called inflation.

The two types of inflation are:

The purchase of savings bonds by individuals allows the U.S.government to:

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

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

Factors of production are common to all productive activities, regardless of the economic system.

The _____ is the central banking system in the United States that controls our monetary policy.

In 2005, more than two-thirds of population of Haiti were not working, but were actively seeking employment.This 66.67 percent represents the nation's:

For the past ten years, Lou Lopez has been a welder for Ford Motor Company.This morning her boss informed her a robot would replace her.Lopez's unemployment is an example of _____ unemployment.

The Federal Reserve System can do all of the following EXCEPT:

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

When you graduate from college and start looking for a job, you will experience _____ unemployment.

Thom Nielssen owns 500 acres of woodland.His forest is an example of which factor of production?

Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans?

List the four types of market structures.

On the island of Martha's Vineyard, jobs are plentiful during the summer months, but difficult to find in September once the tourist season ends and many restaurants and inns close.What kind of unemployment do people who work in the island's restaurants experience annually?

The average price of construction materials increased by 8.1 percent in 2005.The head of the Home Builders Association said it was due totally to increases in lumber, metal, and labor costs.The 8.1 percent increase is probably an example of:

Some global corporations are large enough to create major changes in the external environment.

The _____ represents the prices of a market basket of goods and services as measured monthly by the Department of Labor.

The government does not consider full employment to mean 100 percent of its citizens are employed because:

Corrine Attlee has always enjoyed cooking more than doing anything else.Atlee has decided to quit her job as a college professor and invest her life savings in starting a restaurant.Attlee is an example of a(n):

The situation in which the average of all prices of products is rising is called inflation.

The two types of inflation are:

The purchase of savings bonds by individuals allows the U.S.government to:

Labor, as a factor of production, relates only to the production of manufactured goods; services are not included.

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