Question 1

Which of the following words best describes the business environment?

Accepted Answer

A) tangible 
B) static 
C) dynamic 
D) fixed 
E) stagnant 
A) tangible 
B) static 
C) dynamic 
D) fixed 
E) stagnant

Question 2

The standard of living in any country is:

Accepted Answer

A) measured by subtracting the supply of goods and services from the demand for goods and services 
B) determined by the money left over after all expenses are paid 
C) the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time 
D) measured by the output of goods and services people can buy with the money they have 
E) higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S. 
A) measured by subtracting the supply of goods and services from the demand for goods and services 
B) determined by the money left over after all expenses are paid 
C) the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time 
D) measured by the output of goods and services people can buy with the money they have 
E) higher for less developed countries like Angola, Bangladesh, and Ceylon than it is for the U.S.

Question 3

List the four traditional factors of production.

Accepted Answer

natural resources, l

Question 4

A "mixed economy" is an economic system that:

Accepted Answer

A) combines socialism and communism 
B) combines private and government ownership of the factors of production 
C) is owned collectively by the people 
D) emphasizes government-controlled monopolies 
E) relies on a combination of oligopoly and monopoly 
A) combines socialism and communism 
B) combines private and government ownership of the factors of production 
C) is owned collectively by the people 
D) emphasizes government-controlled monopolies 
E) relies on a combination of oligopoly and monopoly

Question 5

Not-for-profit organizations have the same goals as for-profit organizations.

Accepted Answer

A) True 
 B)False

Question 6

In a(n) _____, a few sellers can exert substantial control over prices.

Accepted Answer

A) oligopoly 
B) perfect monopoly 
C) pure monopoly 
D) monopolistic competition 
E) competitive monopoly 
A) oligopoly 
B) perfect monopoly 
C) pure monopoly 
D) monopolistic competition 
E) competitive monopoly

Question 7

_____ is the economic system in which all factors of production are privately owned and the market operates on supply and demand.

Accepted Answer

Capitalism

Question 8

Which of the following countries has a high standard of living?

Accepted Answer

A) Malaysia 
B) the United States 
C) Guatemala 
D) Nigeria 
E) Bolivia 
A) Malaysia 
B) the United States 
C) Guatemala 
D) Nigeria 
E) Bolivia

Question 9

What kind of economic system exists in the United States?

Accepted Answer

The answer of What kind of economic system exists in...

Question 10

Which of the following statements about demand and supply curves is true?

Accepted Answer

A) The demand curve will shift to the right if buyers' incomes increase. 
B) The demand curve will shift to the left if the number of buyers decreases. 
C) The supply curve will shift to the right if the number of suppliers increases. 
D) The supply curve will shift to the left if taxes are decreased. 
E) All of the above statements about supply and demand curves are true. 
A) The demand curve will shift to the right if buyers' incomes increase. 
B) The demand curve will shift to the left if the number of buyers decreases. 
C) The supply curve will shift to the right if the number of suppliers increases. 
D) The supply curve will shift to the left if taxes are decreased. 
E) All of the above statements about supply and demand curves are true.

Question 11

Inflation and interest rates are most closely associated with _____ within the external business environment.

Accepted Answer

A) cultural factors 
B) economic forces 
C) competitive trends 
D) technological trends 
E) managerial downsizing 
A) cultural factors 
B) economic forces 
C) competitive trends 
D) technological trends 
E) managerial downsizing

Question 12

Which government agency controls how much money is in circulation at any given time?

Accepted Answer

the Federa

Question 13

The fifth factor of production identified by many managers and academicians is:

Accepted Answer

A) nanotechnology 
B) productivity 
C) quality 
D) social responsibility 
E) knowledge 
A) nanotechnology 
B) productivity 
C) quality 
D) social responsibility 
E) knowledge

Question 14

Many people consider knowledge to be a fifth factor of production.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following factors would most likely result in a shift in the supply curve?

Accepted Answer

A) countertrading 
B) the principle of cause/effect 
C) the multiplier effect 
D) an increase in the price of raw materials used in the production process 
E) a change in what consumers consider to be fashionable 
A) countertrading 
B) the principle of cause/effect 
C) the multiplier effect 
D) an increase in the price of raw materials used in the production process 
E) a change in what consumers consider to be fashionable

Question 16

Market equilibrium is:

Accepted Answer

A) the point at which a nation reaches full employment 
B) the time period used to determine the Consumer Price Index (CPI) 
C) the point at which quantity supplied equals quantity demanded 
D) defined as the moment when profit is created 
E) the point at which revenues equal expenses 
A) the point at which a nation reaches full employment 
B) the time period used to determine the Consumer Price Index (CPI) 
C) the point at which quantity supplied equals quantity demanded 
D) defined as the moment when profit is created 
E) the point at which revenues equal expenses

Question 17

All of the following are characteristics unique to the capitalistic or private enterprise system EXCEPT:

Accepted Answer

A) profits 
B) free choices 
C) economies of scale 
D) ownership of property 
E) competition 
A) profits 
B) free choices 
C) economies of scale 
D) ownership of property 
E) competition

Question 18

What kind of interaction is a pet groomer using when it sends birthday cards to the pets she cares for?

Accepted Answer

relationsh

Question 19

______ include everything that is useful as a productive input in its natural state, such as land, forests, mineral and oil deposits, and water.

Accepted Answer

The answer of ______ include everything that is useful as...

Question 20

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:

Accepted Answer

A) capitalism 
B) utopianism 
C) socialism 
D) democratic economy 
E) privatization 
A) capitalism 
B) utopianism 
C) socialism 
D) democratic economy 
E) privatization

Which of the following words best describes the business environment?

The standard of living in any country is:

List the four traditional factors of production.

A "mixed economy" is an economic system that:

Not-for-profit organizations have the same goals as for-profit organizations.

In a(n) _____, a few sellers can exert substantial control over prices.

_____ is the economic system in which all factors of production are privately owned and the market operates on supply and demand.

Which of the following countries has a high standard of living?

What kind of economic system exists in the United States?

Which of the following statements about demand and supply curves is true?

Inflation and interest rates are most closely associated with _____ within the external business environment.

Which government agency controls how much money is in circulation at any given time?

The fifth factor of production identified by many managers and academicians is:

Many people consider knowledge to be a fifth factor of production.

Which of the following factors would most likely result in a shift in the supply curve?

Market equilibrium is:

All of the following are characteristics unique to the capitalistic or private enterprise system EXCEPT:

What kind of interaction is a pet groomer using when it sends birthday cards to the pets she cares for?

______ include everything that is useful as a productive input in its natural state, such as land, forests, mineral and oil deposits, and water.

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:

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 words best describes the business environment?

The standard of living in any country is:

List the four traditional factors of production.

A "mixed economy" is an economic system that:

Not-for-profit organizations have the same goals as for-profit organizations.

In a(n) _____, a few sellers can exert substantial control over prices.

_____ is the economic system in which all factors of production are privately owned and the market operates on supply and demand.

Which of the following countries has a high standard of living?

What kind of economic system exists in the United States?

Which of the following statements about demand and supply curves is true?

Inflation and interest rates are most closely associated with _____ within the external business environment.

Which government agency controls how much money is in circulation at any given time?

The fifth factor of production identified by many managers and academicians is:

Many people consider knowledge to be a fifth factor of production.

Which of the following factors would most likely result in a shift in the supply curve?

Market equilibrium is:

All of the following are characteristics unique to the capitalistic or private enterprise system EXCEPT:

What kind of interaction is a pet groomer using when it sends birthday cards to the pets she cares for?

______ include everything that is useful as a productive input in its natural state, such as land, forests, mineral and oil deposits, and water.

An economic system based on competition in the marketplace and private ownership of the factors of production is known as:

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