Exam 1: The U.S.Business Environment

What is socialism?

What are the four required elements for a private enterprise system?

Which of the following best describes nominal GDP?

The principle of ________ states that exchange rates are set so that the prices of similar products in different countries are about the same.

Only a few companies make laundry detergents.Based on the number of sellers,the market for laundry detergent is best described as ________.

Which of the following is characterized by having few sellers,similar prices among sellers,and difficult market entry?

What risks exist for companies mixing entertainment and business?

The pursuit of profits distinguishes a business from organizations such as most universities,hospitals,and government agencies.

________ is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate.

In the city of Westminster,market analysts have observed that all Christmas trees offered for sale will be purchased at a price of $20 and all demand will be satisfied.In this market,$20 is the ________.

Explain the roles of demand and supply in a market economy.

The consumer price index (CPI)is used to measure inflation.

In a socialist economy,the government owns and operates selected major industries.

In which economic system does the government own and operate select major industries?

A differentiating strategy used in monopolistic competition is to use brand names such as Tide and Cheer.

The two most basic forms of planned economies are ________.

The external environment of business consists of all of the following EXCEPT:

A nation controls the size of its money supply through ________ policy.

A business provides goods or services in order to earn profits.

The price at which the quantity of goods demanded and the quantity of goods supplied are equal is referred to as ________.