Question 1

An economic indicator helps to assess the performance of an economy.

Accepted Answer

A) True 
 B)False

Question 2

The ________ is the growth rate of the GDP adjusted for inflation and changes in the value of the country's currency.

Accepted Answer

A)  GDP per capita 
B)  adjusted growth rate 
C)  real growth rate 
D)  real GDP 
A)  GDP per capita 
B)  adjusted growth rate 
C)  real growth rate 
D)  real GDP

Question 3

What is a recession?

Accepted Answer

A recession is a per

Question 4

________ is a measure of economic growth that compares how much a system produces with the resources needed to produce it.

Accepted Answer

A)  Purchasing power parity 
B)  Productivity 
C)  Stability 
D)  Inflation 
A)  Purchasing power parity 
B)  Productivity 
C)  Stability 
D)  Inflation

Question 5

Physical resources are the data and other information used by businesses.

Accepted Answer

A) True 
 B)False

Question 6

Taken together,fiscal policy and monetary policy make up growth policy during inflationary times.

Accepted Answer

A) True 
 B)False

Question 7

Aggregate output refers to the pattern of short-term ups and downs in the economy.

Accepted Answer

A) True 
 B)False

Question 8

As a rule,in perfect competition there will be very few sellers.

Accepted Answer

A) True 
 B)False

Question 9

Product differentiation exists in a market characterized by monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 10

What is cyclical unemployment?

Accepted Answer

Cyclical unemploymen

Question 11

A ________ economy has characteristics of both planned and market economies.

Accepted Answer

A)  mixed market 
B)  privatized 
C)  capitalist 
D)  hybrid 
A)  mixed market 
B)  privatized 
C)  capitalist 
D)  hybrid

Question 12

An entrepreneur is a business that accepts the risks and opportunities to create and operate.a new business venture.

Accepted Answer

A) True 
 B)False

Question 13

In an oligopoly,when one firm reduces its prices,how do other sellers react?

Accepted Answer

A)  There is no reaction. 
B)  Other firms reduce their prices also, usually quite quickly. 
C)  Other firms may reduce their prices, but usually gradually. 
D)  Other firms are not usually aware that price has changed. 
A)  There is no reaction. 
B)  Other firms reduce their prices also, usually quite quickly. 
C)  Other firms may reduce their prices, but usually gradually. 
D)  Other firms are not usually aware that price has changed.

Question 14

A(n)________ is an individual who accepts the risks and opportunities entailed by creating and operating a new business.

Accepted Answer

A)  proprietor 
B)  entrepreneur 
C)  partner 
D)  officer 
A)  proprietor 
B)  entrepreneur 
C)  partner 
D)  officer

Question 15

One of the four elements that must be present in private enterprise is reasonable prices.

Accepted Answer

A) True 
 B)False

Question 16

Describe oligopoly.

Accepted Answer

When an industry has only a few sellers,

Question 17

In the city of Westminster,Christmas trees are being sold for $25.At this price,buyers are able to satisfy their demand,though some trees remain unsold.This is the market condition known as ________.

Accepted Answer

A)  demand deficit 
B)  surplus 
C)  stoppage 
D)  shortage 
A)  demand deficit 
B)  surplus 
C)  stoppage 
D)  shortage

Question 18

In perfect competition,which of the following conditions must prevail?

Accepted Answer

A)  All firms in a given industry must be small. 
B)  The number of firms in the industry must be large. 
C)  No single firm is powerful enough to influence the price of its product. 
D)  All of the above 
A)  All firms in a given industry must be small. 
B)  The number of firms in the industry must be large. 
C)  No single firm is powerful enough to influence the price of its product. 
D)  All of the above

Question 19

A(n)________ is a nation's basis for allocating its resources among its citizens.

Accepted Answer

A)  capital structure 
B)  economic system 
C)  ownership system 
D)  distribution network 
A)  capital structure 
B)  economic system 
C)  ownership system 
D)  distribution network

Question 20

When the Fed seeks to increase the money supply,it is implementing a tight monetary policy.

Accepted Answer

A) True 
 B)False

An economic indicator helps to assess the performance of an economy.

The ________ is the growth rate of the GDP adjusted for inflation and changes in the value of the country's currency.

What is a recession?

________ is a measure of economic growth that compares how much a system produces with the resources needed to produce it.

Physical resources are the data and other information used by businesses.

Taken together,fiscal policy and monetary policy make up growth policy during inflationary times.

Aggregate output refers to the pattern of short-term ups and downs in the economy.

As a rule,in perfect competition there will be very few sellers.

Product differentiation exists in a market characterized by monopolistic competition.

What is cyclical unemployment?

A ________ economy has characteristics of both planned and market economies.

An entrepreneur is a business that accepts the risks and opportunities to create and operate.a new business venture.

In an oligopoly,when one firm reduces its prices,how do other sellers react?

A(n)________ is an individual who accepts the risks and opportunities entailed by creating and operating a new business.

One of the four elements that must be present in private enterprise is reasonable prices.

Describe oligopoly.

In the city of Westminster,Christmas trees are being sold for $25.At this price,buyers are able to satisfy their demand,though some trees remain unsold.This is the market condition known as ________.

In perfect competition,which of the following conditions must prevail?

A(n)________ is a nation's basis for allocating its resources among its citizens.

When the Fed seeks to increase the money supply,it is implementing a tight monetary policy.

Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

The Global Context of Business

Business Management

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

The Role of Accountants and Accounting Information

Money and Banking

Managing Finances

Filters

Exam 1: The U.S.Business Environment

An economic indicator helps to assess the performance of an economy.

The ________ is the growth rate of the GDP adjusted for inflation and changes in the value of the country's currency.

What is a recession?

________ is a measure of economic growth that compares how much a system produces with the resources needed to produce it.

Physical resources are the data and other information used by businesses.

Taken together,fiscal policy and monetary policy make up growth policy during inflationary times.

Aggregate output refers to the pattern of short-term ups and downs in the economy.

As a rule,in perfect competition there will be very few sellers.

Product differentiation exists in a market characterized by monopolistic competition.

What is cyclical unemployment?

A ________ economy has characteristics of both planned and market economies.

An entrepreneur is a business that accepts the risks and opportunities to create and operate.a new business venture.

In an oligopoly,when one firm reduces its prices,how do other sellers react?

A(n)________ is an individual who accepts the risks and opportunities entailed by creating and operating a new business.

One of the four elements that must be present in private enterprise is reasonable prices.

Describe oligopoly.

In the city of Westminster,Christmas trees are being sold for $25.At this price,buyers are able to satisfy their demand,though some trees remain unsold.This is the market condition known as ________.

In perfect competition,which of the following conditions must prevail?

A(n)________ is a nation's basis for allocating its resources among its citizens.

When the Fed seeks to increase the money supply,it is implementing a tight monetary policy.

Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

The Global Context of Business

Business Management

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Pricing, Distributing, and Promoting Products

The Role of Accountants and Accounting Information

Money and Banking

Managing Finances

Filters