Question 1

What is a depression?

Accepted Answer

A depressi

Question 2

Explain what happens when the demand curve intersects with the supply curve.

Accepted Answer

At this intersection,we have t

Question 3

In a market economy,the factors of production are allocated by ________.

Accepted Answer

A)  state commerce department 
B)  the federal government 
C)  producers and consumers 
D)  all of the above 
A)  state commerce department 
B)  the federal government 
C)  producers and consumers 
D)  all of the above

Question 4

The point at which the supply curve and the demand curve intersect on a graph is referred to as the ________.

Accepted Answer

A)  equilibrium price 
B)  decision point 
C)  surplus price 
D)  perfect price 
A)  equilibrium price 
B)  decision point 
C)  surplus price 
D)  perfect price

Question 5

Explain the role of both profit-seeking businesses and non-profit organizations in the overall "meaning of business."

Accepted Answer

Businesses are organizations that provid

Question 6

Tangible goods that organizations use in conducting their businesses are referred to as ________.

Accepted Answer

A)  physical resources 
B)  the money supply 
C)  information resources 
D)  capital 
A)  physical resources 
B)  the money supply 
C)  information resources 
D)  capital

Question 7

Short Case Scenario 1-1
Expert Electronics is a manufacturer of computers on the large, but isolated, island nation of New Vermont. Although imports are extremely limited because of difficult navigation to and from New Vermont, there are a handful of computer manufacturers in addition to Expert Electronics. While the government provides some services, such as public education and a well-maintained road system, almost all businesses are privately owned. Home ownership is unusually high, with 80 percent of all families owning their own home. Expert Electronics is selling a state-of-the-art desktop computer system for 1,299 veros (the local currency). At this price, Expert Electronics is able to fill all orders, but they have no waiting list.
-How will consumers react to a decrease in price?

Accepted Answer

According to the law of demand,a decreas

Question 8

Which of the following best describes the term gross domestic product?

Accepted Answer

A)  total quantity of goods and services produced by an economic system 
B)  total quantity of goods that a country's citizens can purchase with the currency used in their economic system 
C)  conditions of the economic system in which an organization operates 
D)  total value of all goods and services produced within a given period by a national economy through domestic factors of production 
A)  total quantity of goods and services produced by an economic system 
B)  total quantity of goods that a country's citizens can purchase with the currency used in their economic system 
C)  conditions of the economic system in which an organization operates 
D)  total value of all goods and services produced within a given period by a national economy through domestic factors of production

Question 9

Global business environment refers to the international forces that affect a business.

Accepted Answer

A) True 
 B)False

Question 10

Increased prices for products,decreased purchasing power,and decreased profit margins are likely to result from ________.

Accepted Answer

A)  low unemployment 
B)  high unemployment 
C)  low inflation 
D)  none of the above 
A)  low unemployment 
B)  high unemployment 
C)  low inflation 
D)  none of the above

Question 11

Which of the following statements about inflation is true?

Accepted Answer

A)  The consumer price index is a good way of measuring inflation. 
B)  Standard of living increases with inflation. 
C)  Inflation increases the purchasing power of consumer dollars. 
D)  Inflation occurs when the amount of money injected into an economy is less than the increase in actual output. 
A)  The consumer price index is a good way of measuring inflation. 
B)  Standard of living increases with inflation. 
C)  Inflation increases the purchasing power of consumer dollars. 
D)  Inflation occurs when the amount of money injected into an economy is less than the increase in actual output.

Question 12

Short Case Scenario 1-1
Expert Electronics is a manufacturer of computers on the large, but isolated, island nation of New Vermont. Although imports are extremely limited because of difficult navigation to and from New Vermont, there are a handful of computer manufacturers in addition to Expert Electronics. While the government provides some services, such as public education and a well-maintained road system, almost all businesses are privately owned. Home ownership is unusually high, with 80 percent of all families owning their own home. Expert Electronics is selling a state-of-the-art desktop computer system for 1,299 veros (the local currency). At this price, Expert Electronics is able to fill all orders, but they have no waiting list.
-Name one factor that may be detrimental to Expert Electronics' productivity.

Accepted Answer

Productivity is the measure of economic

Question 13

A nation manages the collection and spending of its revenues through ________ policy.

Accepted Answer

A)  fiscal 
B)  monetary 
C)  foreign 
D)  economic 
A)  fiscal 
B)  monetary 
C)  foreign 
D)  economic

Question 14

How did the U.S.economy change between 2005 and 2009?

Accepted Answer

In 2005,the US economy was booming,with

Question 15

The term ________ refers to the total quantity and quality of goods and services that people living in an economic system can purchase.

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 16

The ________ is a measure of the prices of typical products purchased by consumers living in urban areas.

Accepted Answer

A)  gross national product 
B)  national debt 
C)  consumer price index 
D)  gross domestic product 
A)  gross national product 
B)  national debt 
C)  consumer price index 
D)  gross domestic product

Question 17

If wage rates increase,businesses will respond by hiring more employees.

Accepted Answer

A) True 
 B)False

Question 18

A positive balance of trade results when a country imports more than it exports.

Accepted Answer

A) True 
 B)False

Question 19

Describe the law of demand.

Accepted Answer

The law of demand states that

Question 20

Which of the following is NOT an example of information resources?

Accepted Answer

A)  market forecasts 
B)  specialized knowledge about satellite technology 
C)  economic data 
D)  production facilities 
A)  market forecasts 
B)  specialized knowledge about satellite technology 
C)  economic data 
D)  production facilities

What is a depression?

Explain what happens when the demand curve intersects with the supply curve.

In a market economy,the factors of production are allocated by ________.

The point at which the supply curve and the demand curve intersect on a graph is referred to as the ________.

Explain the role of both profit-seeking businesses and non-profit organizations in the overall "meaning of business."

Tangible goods that organizations use in conducting their businesses are referred to as ________.

Which of the following best describes the term gross domestic product?

Global business environment refers to the international forces that affect a business.

Increased prices for products,decreased purchasing power,and decreased profit margins are likely to result from ________.

Which of the following statements about inflation is true?

A nation manages the collection and spending of its revenues through ________ policy.

How did the U.S.economy change between 2005 and 2009?

The term ________ refers to the total quantity and quality of goods and services that people living in an economic system can purchase.

The ________ is a measure of the prices of typical products purchased by consumers living in urban areas.

If wage rates increase,businesses will respond by hiring more employees.

A positive balance of trade results when a country imports more than it exports.

Describe the law of demand.

Which of the following is NOT an example of information resources?

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

What is a depression?

Explain what happens when the demand curve intersects with the supply curve.

In a market economy,the factors of production are allocated by ________.

The point at which the supply curve and the demand curve intersect on a graph is referred to as the ________.

Explain the role of both profit-seeking businesses and non-profit organizations in the overall "meaning of business."

Tangible goods that organizations use in conducting their businesses are referred to as ________.

Which of the following best describes the term gross domestic product?

Global business environment refers to the international forces that affect a business.

Increased prices for products,decreased purchasing power,and decreased profit margins are likely to result from ________.

Which of the following statements about inflation is true?

A nation manages the collection and spending of its revenues through ________ policy.

How did the U.S.economy change between 2005 and 2009?

The term ________ refers to the total quantity and quality of goods and services that people living in an economic system can purchase.

The ________ is a measure of the prices of typical products purchased by consumers living in urban areas.

If wage rates increase,businesses will respond by hiring more employees.

A positive balance of trade results when a country imports more than it exports.

Describe the law of demand.

Which of the following is NOT an example of information resources?

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