Question 1

The law of demand states that buyers will purchase more of a product as its price drops and less of a product as its price increases.

Accepted Answer

A) True 
 B)False

Question 2

What is measured by the consumer price index (CPI)?

Accepted Answer

The consumer price index measu

Question 3

Describe perfect competition.

Accepted Answer

In perfect competition,firms are small a

Question 4

Which of the following best defines the term aggregate output?

Accepted Answer

A)  the conditions of the economic system in which an organization operates 
B)  the total quantity and quality of goods and services that country's citizens can purchase with the currency used in their economic system 
C)  the pattern of short-term ups and downs in an economy 
D)  the total quantity of goods and services produced by an economic system during a given period 
A)  the conditions of the economic system in which an organization operates 
B)  the total quantity and quality of goods and services that country's citizens can purchase with the currency used in their economic system 
C)  the pattern of short-term ups and downs in an economy 
D)  the total quantity of goods and services produced by an economic system during a given period

Question 5

The main measure of growth in the business cycle is aggregate output.

Accepted Answer

A) True 
 B)False

Question 6

Purchasing power parity is a principle that states that exchange rates are set so that the prices of similar products in different countries are about the same.

Accepted Answer

A) True 
 B)False

Question 7

How does a planned economy differ from a market economy?

Accepted Answer

A planned economy relies on a centralize

Question 8

In the United States,milk is produced on thousands of farms,with no producer dominating the market.Producers sell milk at the going price and are unable to influence this price.Millions of gallons of milk are purchased every day.The market for milk is best described as ________.

Accepted Answer

A)  a monopoly 
B)  an oligopoly 
C)  perfect competition 
D)  monopolistic competition 
A)  a monopoly 
B)  an oligopoly 
C)  perfect competition 
D)  monopolistic competition

Question 9

Which of the following would be included in the gross domestic product of Brazil?

Accepted Answer

A)  the profits earned by a U.S.-owned automobile plant in Brazil 
B)  the profits earned by a Brazilian coffee company operating in the United States 
C)  the profits earned by a Brazilian coffee company operating in Peru 
D)  none of the above 
A)  the profits earned by a U.S.-owned automobile plant in Brazil 
B)  the profits earned by a Brazilian coffee company operating in the United States 
C)  the profits earned by a Brazilian coffee company operating in Peru 
D)  none of the above

Question 10

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

Accepted Answer

A)  the going rate 
B)  the point-of-no-return price 
C)  the market price 
D)  the better price 
A)  the going rate 
B)  the point-of-no-return price 
C)  the market price 
D)  the better price

Question 11

The external environment consists of everything inside an organization's boundaries that might affect it.

Accepted Answer

A) True 
 B)False

Question 12

Economists refer to the pattern of short-term expansions and contractions in the economy as the ________.

Accepted Answer

A)  business cycle 
B)  aggregate output 
C)  standard of living 
D)  consumer price index 
A)  business cycle 
B)  aggregate output 
C)  standard of living 
D)  consumer price index

Question 13

How have Starbucks and Apple partnered to mix business and entertainment?

Accepted Answer

In September 2007,Apple and Starbucks an

Question 14

Monopolistically competitive businesses may be large or small and may enter or exit the market easily.

Accepted Answer

A) True 
 B)False

Question 15

What is a business?

Accepted Answer

A business is an org

Question 16

The real growth rate of the U.S.economic system,as well as the standard of living,has decreased in recent years.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following statements about inflation is true?

Accepted Answer

A)  The consumer price index (CPI) is a good way of measuring inflation. 
B)  Productivity decreases the purchasing power of consumer dollars. 
C)  Inflation increases the purchasing power of consumer dollars. 
D)  None of the above 
A)  The consumer price index (CPI) is a good way of measuring inflation. 
B)  Productivity decreases the purchasing power of consumer dollars. 
C)  Inflation increases the purchasing power of consumer dollars. 
D)  None of the above

Question 18

A planned economy relies on a centralized government to control all or most of the factors of production and to make all or most production and allocation decisions.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following seems the most likely pricing approach for a monopoly?

Accepted Answer

A)  Charge customers whatever you please. 
B)  Give customers a real bargain on price. 
C)  Charge a price that will not cause consumer demand to drop. 
D)  Undercut the prices of the competition. 
A)  Charge customers whatever you please. 
B)  Give customers a real bargain on price. 
C)  Charge a price that will not cause consumer demand to drop. 
D)  Undercut the prices of the competition.

Question 20

Similar products are differentiated in monopolistic competition.

Accepted Answer

A) True 
 B)False

The law of demand states that buyers will purchase more of a product as its price drops and less of a product as its price increases.

What is measured by the consumer price index (CPI)?

Describe perfect competition.

Which of the following best defines the term aggregate output?

The main measure of growth in the business cycle is aggregate output.

Purchasing power parity is a principle that states that exchange rates are set so that the prices of similar products in different countries are about the same.

How does a planned economy differ from a market economy?

In the United States,milk is produced on thousands of farms,with no producer dominating the market.Producers sell milk at the going price and are unable to influence this price.Millions of gallons of milk are purchased every day.The market for milk is best described as ________.

Which of the following would be included in the gross domestic product of Brazil?

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

The external environment consists of everything inside an organization's boundaries that might affect it.

Economists refer to the pattern of short-term expansions and contractions in the economy as the ________.

How have Starbucks and Apple partnered to mix business and entertainment?

Monopolistically competitive businesses may be large or small and may enter or exit the market easily.

What is a business?

The real growth rate of the U.S.economic system,as well as the standard of living,has decreased in recent years.

Which of the following statements about inflation is true?

A planned economy relies on a centralized government to control all or most of the factors of production and to make all or most production and allocation decisions.

Which of the following seems the most likely pricing approach for a monopoly?

Similar products are differentiated in monopolistic competition.

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

The law of demand states that buyers will purchase more of a product as its price drops and less of a product as its price increases.

What is measured by the consumer price index (CPI)?

Describe perfect competition.

Which of the following best defines the term aggregate output?

The main measure of growth in the business cycle is aggregate output.

Purchasing power parity is a principle that states that exchange rates are set so that the prices of similar products in different countries are about the same.

How does a planned economy differ from a market economy?

In the United States,milk is produced on thousands of farms,with no producer dominating the market.Producers sell milk at the going price and are unable to influence this price.Millions of gallons of milk are purchased every day.The market for milk is best described as ________.

Which of the following would be included in the gross domestic product of Brazil?

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

The external environment consists of everything inside an organization's boundaries that might affect it.

Economists refer to the pattern of short-term expansions and contractions in the economy as the ________.

How have Starbucks and Apple partnered to mix business and entertainment?

Monopolistically competitive businesses may be large or small and may enter or exit the market easily.

What is a business?

The real growth rate of the U.S.economic system,as well as the standard of living,has decreased in recent years.

Which of the following statements about inflation is true?

A planned economy relies on a centralized government to control all or most of the factors of production and to make all or most production and allocation decisions.

Which of the following seems the most likely pricing approach for a monopoly?

Similar products are differentiated in monopolistic competition.

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