Question 1

In a mixed economy, the government is involved in the economic system through:

Accepted Answer

A) the management of nonprofit organizations 
B) ownership of media 
C) its determination of standard of living scales 
D) taxing, spending, and welfare activities 
E) none of the above 
A) the management of nonprofit organizations 
B) ownership of media 
C) its determination of standard of living scales 
D) taxing, spending, and welfare activities 
E) none of the above

Question 2

Which of the following is an example of a factor of production?

Accepted Answer

A) economy of scale 
B) competition 
C) free market 
D) labor 
E) mass production 
A) economy of scale 
B) competition 
C) free market 
D) labor 
E) mass production

Question 3

_____ is the study of people's vital statistics, such as their age, race and ethnicity, and their location.

Accepted Answer

The answer of _____ is the study of people's vital...

Question 4

List the two types of inflation.

Accepted Answer

demand-pul

Question 5

An economic system based on complete freedom of trade and little, if any, government control 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

Question 6

_____ is the total market value of all goods and services produced within a country on an annual basis

Accepted Answer

Gross dome

Question 7

The _____ curve slopes downward and to the right.

Accepted Answer

The answer of The _____ curve slopes downward and to...

Question 8

Inputs, such as natural resources, labor, capital, and entrepreneurship, are known as:

Accepted Answer

A) elemental factors 
B) factors of production 
C) creative factors 
D) building blocks 
E) elements of construction 
A) elemental factors 
B) factors of production 
C) creative factors 
D) building blocks 
E) elements of construction

Question 9

How is the standard of living for a country like Panama measured?

Accepted Answer

The same method is used for me

Question 10

The implementation of a contractionary policy by the Federal Reserve would result in:

Accepted Answer

A) lower interest rates 
B) increased economic growth 
C) lower unemployment 
D) increased spending 
E) lower inflation 
A) lower interest rates 
B) increased economic growth 
C) lower unemployment 
D) increased spending 
E) lower inflation

Question 11

When a single firm accounts for 100 percent of industry sales, it is an example of:

Accepted Answer

A) an oligopoly 
B) a pure monopoly 
C) monopolistic competition 
D) imperfect competition 
E) monopolistic socialism 
A) an oligopoly 
B) a pure monopoly 
C) monopolistic competition 
D) imperfect competition 
E) monopolistic socialism

Question 12

____ is the potential to lose time and money or otherwise not be able to accomplish an organization's goals.

Accepted Answer

The answer of ____ is the potential to lose time...

Question 13

Martha Maguire recently was laid off from her telemarketing job for a large catalog retailer.Each January, Maguire is laid off as soon as the Christmas season is over.She will be hired back sometime during the summer.In terms of unemployment, Maguire is a good example of _____ unemployment.

Accepted Answer

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

Question 14

_____ is the general upward movement of prices from year to year.

Accepted Answer

The answer of _____ is the general upward movement of...

Question 15

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

Accepted Answer

A) farmland 
B) coal 
C) water 
D) oil deposits 
E) machinery 
A) farmland 
B) coal 
C) water 
D) oil deposits 
E) machinery

Question 16

When the price of gasoline rises by 40 percent, but your salary remains the same, it is an example of a decline in your:

Accepted Answer

A) standard of living 
B) purchasing power 
C) GDP index 
D) cost of living index 
E) gross economic income 
A) standard of living 
B) purchasing power 
C) GDP index 
D) cost of living index 
E) gross economic income

Question 17

A(n) _____ is a cooperative agreement between business firms.

Accepted Answer

strategic

Question 18

When the government decides to cut military spending, it is implementing a(n) _____ policy.

Accepted Answer

A) microeconomic 
B) operational 
C) monetary 
D) fiscal 
E) expansionary 
A) microeconomic 
B) operational 
C) monetary 
D) fiscal 
E) expansionary

Question 19

Labor, as a factor of production, refers to:

Accepted Answer

A) all workers in business 
B) rent and wages 
C) full employment 
D) tools and wages 
E) only hourly wage earners 
A) all workers in business 
B) rent and wages 
C) full employment 
D) tools and wages 
E) only hourly wage earners

Question 20

In 1998 the tourism industry in Egypt had 43 percent unemployment due to an economic downturn that gripped the country as a result of an increase of terrorists' activities.The workers in the tourism industry were experiencing _____ unemployment.

Accepted Answer

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

In a mixed economy, the government is involved in the economic system through:

Which of the following is an example of a factor of production?

_____ is the study of people's vital statistics, such as their age, race and ethnicity, and their location.

List the two types of inflation.

An economic system based on complete freedom of trade and little, if any, government control is known as:

_____ is the total market value of all goods and services produced within a country on an annual basis

The _____ curve slopes downward and to the right.

Inputs, such as natural resources, labor, capital, and entrepreneurship, are known as:

How is the standard of living for a country like Panama measured?

The implementation of a contractionary policy by the Federal Reserve would result in:

When a single firm accounts for 100 percent of industry sales, it is an example of:

____ is the potential to lose time and money or otherwise not be able to accomplish an organization's goals.

Martha Maguire recently was laid off from her telemarketing job for a large catalog retailer.Each January, Maguire is laid off as soon as the Christmas season is over.She will be hired back sometime during the summer.In terms of unemployment, Maguire is a good example of _____ unemployment.

_____ is the general upward movement of prices from year to year.

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

When the price of gasoline rises by 40 percent, but your salary remains the same, it is an example of a decline in your:

A(n) _____ is a cooperative agreement between business firms.

When the government decides to cut military spending, it is implementing a(n) _____ policy.

Labor, as a factor of production, refers to:

In 1998 the tourism industry in Egypt had 43 percent unemployment due to an economic downturn that gripped the country as a result of an increase of terrorists' activities.The workers in the tourism industry were experiencing _____ unemployment.

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

In a mixed economy, the government is involved in the economic system through:

Which of the following is an example of a factor of production?

_____ is the study of people's vital statistics, such as their age, race and ethnicity, and their location.

List the two types of inflation.

An economic system based on complete freedom of trade and little, if any, government control is known as:

_____ is the total market value of all goods and services produced within a country on an annual basis

The _____ curve slopes downward and to the right.

Inputs, such as natural resources, labor, capital, and entrepreneurship, are known as:

How is the standard of living for a country like Panama measured?

The implementation of a contractionary policy by the Federal Reserve would result in:

When a single firm accounts for 100 percent of industry sales, it is an example of:

____ is the potential to lose time and money or otherwise not be able to accomplish an organization's goals.

Martha Maguire recently was laid off from her telemarketing job for a large catalog retailer.Each January, Maguire is laid off as soon as the Christmas season is over.She will be hired back sometime during the summer.In terms of unemployment, Maguire is a good example of _____ unemployment.

_____ is the general upward movement of prices from year to year.

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

When the price of gasoline rises by 40 percent, but your salary remains the same, it is an example of a decline in your:

A(n) _____ is a cooperative agreement between business firms.

When the government decides to cut military spending, it is implementing a(n) _____ policy.

Labor, as a factor of production, refers to:

In 1998 the tourism industry in Egypt had 43 percent unemployment due to an economic downturn that gripped the country as a result of an increase of terrorists' activities.The workers in the tourism industry were experiencing _____ unemployment.

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