Exam 6: Accounting and Financial Statements

When Billie moved from Iowa to Sweden, she was surprised how little entrepreneurism she saw. This is most likely because of which drawback of socialism?

Edit works on a production line for a factory in her home country. She comes to work each day, but only does the bare minimum. She often daydreams about running her own business but feels that it would be a waste of time to pursue her dream. Edit most likely lives in a(n) ________ country.

________ studies the economy as a whole.

During which phase of the business cycle does the pace of economic activity slow down and GDP falls?

Sven lives in Norway. Although the government owns some major industries, Sven does own and operate a small bakery. In addition, the government provides social programs for its citizens, like health insurance, social security, and pensions. Norway's economic system is

Tri-State Banking was recently found guilty of defrauding a large group of its customers. Tri-State had been adding paid services and fee-based accounts for its senior customers even if they hadn't requested them. Which drawback of capitalism does this best represent?

Which factor of production includes the buildings and tools that are used to produce goods and services?

Gayathri recently opened a store specializing in custom embroidery. She has sunk most of her life savings into the company, but unfortunately competition is keeping her from making money. If things don't change, Gayathri will likely need to close her store. Which drawback of capitalism does this best represent?

Auda's parents passed away when she was young, so her grandmother raised her. Her grandmother has fallen ill, but thankfully the government in Auda's country provides free medical care for the elderly. Auda most likely lives in a(n)

Giga Company recently implemented a new benefit for its employees. Giga will match every dollar that employees donate to charitable organizations dollar for dollar. Which benefit of capitalism does this best represent?

Which statement about scarcity is true?

The ________ is the level of joblessness among people 16 years or older actively seeking work.

________ is the technological expertise and practical experience that allows entrepreneurs to quickly determine new wants and needs and deliver new products.

Ema lives in a country where private citizens have been very successful in creating new businesses. Income has been increasing as well. Ema's country also provides free assistance to the poor as well as financial assistance for individuals wishing to pursue a college degree. Ema most likely lives in a country operating as a(n)

In perfect competition, there are usually three or four sellers who dominate more than half the market and who try to differentiate their products through marketing.

Anton grew up in the Soviet Union during the early 1980s and remembers waiting in long lines with his father to get meat and bread. He also remembers his parents talking about a waiting list for the larger apartment they had hoped to move into. Which of the drawbacks of communism does this best represent?

Video stores like Blockbuster and Family Video used to be commonplace in cities across the United States. As different options like Redbox and Netflix entered the market, consumers shifted their interests in response as they adapted to the competitors. Which force affecting markets does this best represent?

Microeconomics is the study of small economic units.

Dreamcatcher Toys is preparing for the holiday rush. It uses staffing firms and its own recruiting team to nearly double the production team each year. Which of the factors of production does the staffing increase best represent?

Which business can be best described as operating in a perfect competition?