Question 1

All of the following would typically be considered consumer products except a

Accepted Answer

A)  2-litee of Coke. 
B)  DVD player. 
C)  prom dress. 
D)  high-powered drill press. 
E)  bag of dog food. 
A)  2-litee of Coke. 
B)  DVD player. 
C)  prom dress. 
D)  high-powered drill press. 
E)  bag of dog food.

Question 2

If a firm's sales revenue exceeds its expenses, the firm has earned a profit.

Accepted Answer

A) True 
 B)False

Question 3

The total currency value of all goods and services produced by all people within the boundaries of a country is called

Accepted Answer

A)  productivity. 
B)  gross domestic product. 
C)  gross national product. 
D)  inflation factor. 
E)  standard of living. 
A)  productivity. 
B)  gross domestic product. 
C)  gross national product. 
D)  inflation factor. 
E)  standard of living.

Question 4

Gail Nelson begins her first job after graduating from college and starts putting money away in a savings account.She believes she has removed this money from the circular flow between buyers and sellers that she studied in Introduction to Business.Is Gail correct?

Accepted Answer

A)  Yes, by putting this money into a savings account, only she has access to the funds and they are no longer available to the circular flow. 
B)  No, even though she has saved this money, the bank will in turn invest the money back into the circular flow. 
C)  Yes, only direct investments into companies, such as purchasing ownership shares of that company, will put her savings back into the circular flow. 
D)  Yes, the circular flow focuses on businesses and government, and therefore Gail's savings have no impact on the circular flow. 
E)  No, because she earned this money from a company and because she paid taxes on it, it is always considered part of the flow. 
A)  Yes, by putting this money into a savings account, only she has access to the funds and they are no longer available to the circular flow. 
B)  No, even though she has saved this money, the bank will in turn invest the money back into the circular flow. 
C)  Yes, only direct investments into companies, such as purchasing ownership shares of that company, will put her savings back into the circular flow. 
D)  Yes, the circular flow focuses on businesses and government, and therefore Gail's savings have no impact on the circular flow. 
E)  No, because she earned this money from a company and because she paid taxes on it, it is always considered part of the flow.

Question 5

Gross domestic product is a loose, subjective measure of how well a society can satisfy its people through goods and services.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following situations is most likely to increase a nation's productivity?

Accepted Answer

A)  Increased number of people in the workforce 
B)  Decreased production of goods 
C)  Increase in economic activity being transferred to the Internet 
D)  More corporations being split up into smaller divisions 
E)  More unemployment benefits 
A)  Increased number of people in the workforce 
B)  Decreased production of goods 
C)  Increase in economic activity being transferred to the Internet 
D)  More corporations being split up into smaller divisions 
E)  More unemployment benefits

Question 7

Which of the following is most aligned with the Occupy Wall Street protests?

Accepted Answer

A)  Reducing inequality of income and wealth 
B)  Reducing the number of home foreclosures 
C)  Fortifying Wall Street firms 
D)  Increasing the national debt 
E)  Increasing the rate and depth of federal stimulus plans 
A)  Reducing inequality of income and wealth 
B)  Reducing the number of home foreclosures 
C)  Fortifying Wall Street firms 
D)  Increasing the national debt 
E)  Increasing the rate and depth of federal stimulus plans

Question 8

Profit is the payment business owners receive for assuming the risks of ownership.

Accepted Answer

A) True 
 B)False

Question 9

Deflation is a general decrease in the level of prices.

Accepted Answer

A) True 
 B)False

Question 10

The purpose of specialisation is to

Accepted Answer

A)  reduce productivity. 
B)  increase the efficiency of industrial workers. 
C)  boost the morale of an employee because he or she is special. 
D)  relieve boredom. 
E)  make the nature of the work more general. 
A)  reduce productivity. 
B)  increase the efficiency of industrial workers. 
C)  boost the morale of an employee because he or she is special. 
D)  relieve boredom. 
E)  make the nature of the work more general.

Question 11

The producer price index is an accurate predictor of

Accepted Answer

A)  future changes in the consumer price index. 
B)  the level of unemployment. 
C)  prime interest rates. 
D)  Internet business activity. 
E)  an individual's standard of living. 
A)  future changes in the consumer price index. 
B)  the level of unemployment. 
C)  prime interest rates. 
D)  Internet business activity. 
E)  an individual's standard of living.

Question 12

Reducing costs and enabling employees to work more efficiently are at the core of all attempts to improve productivity.

Accepted Answer

A) True 
 B)False

Question 13

When General Mills and a few other firms dominate the cereal market, this is an example of

Accepted Answer

A)  pure competition. 
B)  monopolistic competition. 
C)  oligopoly. 
D)  natural monopoly. 
E)  monopoly. 
A)  pure competition. 
B)  monopolistic competition. 
C)  oligopoly. 
D)  natural monopoly. 
E)  monopoly.

All of the following would typically be considered consumer products except a

If a firm's sales revenue exceeds its expenses, the firm has earned a profit.

The total currency value of all goods and services produced by all people within the boundaries of a country is called

Gail Nelson begins her first job after graduating from college and starts putting money away in a savings account.She believes she has removed this money from the circular flow between buyers and sellers that she studied in Introduction to Business.Is Gail correct?

Gross domestic product is a loose, subjective measure of how well a society can satisfy its people through goods and services.

Which of the following situations is most likely to increase a nation's productivity?

Which of the following is most aligned with the Occupy Wall Street protests?

Profit is the payment business owners receive for assuming the risks of ownership.

Deflation is a general decrease in the level of prices.

The purpose of specialisation is to

The producer price index is an accurate predictor of

Reducing costs and enabling employees to work more efficiently are at the core of all attempts to improve productivity.

When General Mills and a few other firms dominate the cereal market, this is an example of

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

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Exam 1: Introduction to Business

All of the following would typically be considered consumer products except a

If a firm's sales revenue exceeds its expenses, the firm has earned a profit.

The total currency value of all goods and services produced by all people within the boundaries of a country is called

Gail Nelson begins her first job after graduating from college and starts putting money away in a savings account.She believes she has removed this money from the circular flow between buyers and sellers that she studied in Introduction to Business.Is Gail correct?

Gross domestic product is a loose, subjective measure of how well a society can satisfy its people through goods and services.

Which of the following situations is most likely to increase a nation's productivity?

Which of the following is most aligned with the Occupy Wall Street protests?

Profit is the payment business owners receive for assuming the risks of ownership.

Deflation is a general decrease in the level of prices.

The purpose of specialisation is to

The producer price index is an accurate predictor of

Reducing costs and enabling employees to work more efficiently are at the core of all attempts to improve productivity.

When General Mills and a few other firms dominate the cereal market, this is an example of

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Aproduct Development and Pricing Strategies

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters