Question 1

Before the Industrial Revolution, the economy of North America under the colonists was characterized by

Accepted Answer

A)  farming, and the production of agricultural goods. 
B)  the export of manufactured goods to England. 
C)  a scarcity of natural resources. 
D)  dependence on England for everyday goods. 
E)  a hunter/gatherer society. 
A)  farming, and the production of agricultural goods. 
B)  the export of manufactured goods to England. 
C)  a scarcity of natural resources. 
D)  dependence on England for everyday goods. 
E)  a hunter/gatherer society.

Question 2

What are the two primary factors economists consider when evaluating the American economy?

Accepted Answer

A)  growth in GDP and jobs 
B)  standard of living and consumer confidence 
C)  government regulation and profitability 
D)  national debt and budget deficits 
E)  growth in the tax base and unemployment 
A)  growth in GDP and jobs 
B)  standard of living and consumer confidence 
C)  government regulation and profitability 
D)  national debt and budget deficits 
E)  growth in the tax base and unemployment

Question 3

How does modified capitalism differ from pure capitalism?

Accepted Answer

A)  In pure capitalism, the government intervenes and regulates all business. 
B)  In modified capitalism, the government doesn't intervene or regulate business at all. 
C)  In modified capitalism, the government intervenes and regulates business to some extent. 
D)  In pure capitalism, the government intervenes and regulates basic industries only. 
E)  In modified capitalism, the government relies on individuals to regulate all aspects of business, including passing laws. 
A)  In pure capitalism, the government intervenes and regulates all business. 
B)  In modified capitalism, the government doesn't intervene or regulate business at all. 
C)  In modified capitalism, the government intervenes and regulates business to some extent. 
D)  In pure capitalism, the government intervenes and regulates basic industries only. 
E)  In modified capitalism, the government relies on individuals to regulate all aspects of business, including passing laws.

Question 4

All of the following contributed to the evolution of the service economy in America EXCEPT

Accepted Answer

A)  an increase in the standard of living. 
B)  the desire of women to be stay-at-home-moms. 
C)  more women entering the workforce. 
D)  major shifts in the population. 
E)  an increase in disposable income. 
A)  an increase in the standard of living. 
B)  the desire of women to be stay-at-home-moms. 
C)  more women entering the workforce. 
D)  major shifts in the population. 
E)  an increase in disposable income.

Question 5

Oscar is a real estate entrepreneur in a country that promotes the individual right to own property, earn profits, make decisions about business operations, and choose productivity systems. Which system best describes Oscar's business environment?

Accepted Answer

A)  mixed economy 
B)  free market 
C)  capitalist 
D)  free enterprise 
E)  socialist 
A)  mixed economy 
B)  free market 
C)  capitalist 
D)  free enterprise 
E)  socialist

Question 6

Explain the relationship between supply and demand in a free-enterprise system.

Accepted Answer

In the United States and in other free-e

Question 7

Master Motors is working to find a way to produce the SUVs and trucks its customers want while meeting environmental requirements. This is an effort to please multiple

Accepted Answer

A)  shareholders. 
B)  clients. 
C)  stakeholders. 
D)  businesses. 
E)  priorities. 
A)  shareholders. 
B)  clients. 
C)  stakeholders. 
D)  businesses. 
E)  priorities.

Question 8

When you take your clothes to the dry cleaner to be cleaned or go to the spa to get a massage, you are not receiving a product because you have not received anything tangible in return.

Accepted Answer

A) True 
 B)False

Question 9

As the service economy in America continues to rapidly grow, advances in technology are contributing to new service products based on technology and digital media that provide smart phones, social networking, and e-commerce. This suggests that the country may be moving toward being a ________ economy.

Accepted Answer

A)  socialized 
B)  laissez-faire 
C)  digital 
D)  marketing 
E)  manufacturing 
A)  socialized 
B)  laissez-faire 
C)  digital 
D)  marketing 
E)  manufacturing

Question 10

A country experiences a rapid expansion of its economy, which resulted in prices doubling every 12 hours. This is an example of

Accepted Answer

A)  recession. 
B)  hyperinflation. 
C)  deflation. 
D)  depression. 
E)  equilibrium. 
A)  recession. 
B)  hyperinflation. 
C)  deflation. 
D)  depression. 
E)  equilibrium.

Question 11

All of the following are examples of mixed economies EXCEPT

Accepted Answer

A)  in socialist France, the French government owns the postal service industry. 
B)  in socialist Sweden, most businesses are owned and operated by private individuals. 
C)  in capitalist United States, an independent federal agency operates the postal service. 
D)  in once-communist Russia, private ownership of businesses has been implemented. 
E)  in communist China, state capitalism is used to advance the economy. 
A)  in socialist France, the French government owns the postal service industry. 
B)  in socialist Sweden, most businesses are owned and operated by private individuals. 
C)  in capitalist United States, an independent federal agency operates the postal service. 
D)  in once-communist Russia, private ownership of businesses has been implemented. 
E)  in communist China, state capitalism is used to advance the economy.

Question 12

How are profits handled in communist systems?

Accepted Answer

A)  Profits earned by small businesses may be reinvested in the business. 
B)  Individuals are free to keep profits after paying taxes. 
C)  Businesses are free to keep profits after paying taxes. 
D)  Excess income goes to the government. 
E)  Only profits from government-owned industries go to the government. 
A)  Profits earned by small businesses may be reinvested in the business. 
B)  Individuals are free to keep profits after paying taxes. 
C)  Businesses are free to keep profits after paying taxes. 
D)  Excess income goes to the government. 
E)  Only profits from government-owned industries go to the government.

Question 13

Decisions regarding product adoption, development, branding, and positioning fall under which element of the marketing mix?

Accepted Answer

A)  price 
B)  product 
C)  place 
D)  distribution 
E)  promotion 
A)  price 
B)  product 
C)  place 
D)  distribution 
E)  promotion

Question 14

Several employees in a well-known corporation, Truck Corporation, were arrested for intentionally selling defective truck parts to their customers. Scandals like this

Accepted Answer

A)  do not affect public confidence in corporations. 
B)  undermine public confidence in corporations. 
C)  cause society to boycott corporations. 
D)  have a positive effect on retired employees. 
E)  resolve the debate about ethics in business. 
A)  do not affect public confidence in corporations. 
B)  undermine public confidence in corporations. 
C)  cause society to boycott corporations. 
D)  have a positive effect on retired employees. 
E)  resolve the debate about ethics in business.

Before the Industrial Revolution, the economy of North America under the colonists was characterized by

What are the two primary factors economists consider when evaluating the American economy?

How does modified capitalism differ from pure capitalism?

All of the following contributed to the evolution of the service economy in America EXCEPT

Oscar is a real estate entrepreneur in a country that promotes the individual right to own property, earn profits, make decisions about business operations, and choose productivity systems. Which system best describes Oscar's business environment?

Explain the relationship between supply and demand in a free-enterprise system.

Master Motors is working to find a way to produce the SUVs and trucks its customers want while meeting environmental requirements. This is an effort to please multiple

When you take your clothes to the dry cleaner to be cleaned or go to the spa to get a massage, you are not receiving a product because you have not received anything tangible in return.

A country experiences a rapid expansion of its economy, which resulted in prices doubling every 12 hours. This is an example of

All of the following are examples of mixed economies EXCEPT

How are profits handled in communist systems?

Decisions regarding product adoption, development, branding, and positioning fall under which element of the marketing mix?

Several employees in a well-known corporation, Truck Corporation, were arrested for intentionally selling defective truck parts to their customers. Scandals like this

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

Small Business, Entrepreneurship, and Franchising

The Nature of Management

Organization, Teamwork, and Communication

Managing Operations and Supply Chains

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Personal Financial Planning and Legal and Regulatory Environment

Appendix A: Guidelines for the Development of the Business Plan

Appendix B: Personal Career Plan

Appendix C: Risk: The Basics of Risk Management

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Exam 1: The Dynamics of Business and Economics

Before the Industrial Revolution, the economy of North America under the colonists was characterized by

What are the two primary factors economists consider when evaluating the American economy?

How does modified capitalism differ from pure capitalism?

All of the following contributed to the evolution of the service economy in America EXCEPT

Oscar is a real estate entrepreneur in a country that promotes the individual right to own property, earn profits, make decisions about business operations, and choose productivity systems. Which system best describes Oscar's business environment?

Explain the relationship between supply and demand in a free-enterprise system.

Master Motors is working to find a way to produce the SUVs and trucks its customers want while meeting environmental requirements. This is an effort to please multiple

When you take your clothes to the dry cleaner to be cleaned or go to the spa to get a massage, you are not receiving a product because you have not received anything tangible in return.

A country experiences a rapid expansion of its economy, which resulted in prices doubling every 12 hours. This is an example of

All of the following are examples of mixed economies EXCEPT

How are profits handled in communist systems?

Decisions regarding product adoption, development, branding, and positioning fall under which element of the marketing mix?

Several employees in a well-known corporation, Truck Corporation, were arrested for intentionally selling defective truck parts to their customers. Scandals like this

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

Small Business, Entrepreneurship, and Franchising

The Nature of Management

Organization, Teamwork, and Communication

Managing Operations and Supply Chains

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Personal Financial Planning and Legal and Regulatory Environment

Appendix A: Guidelines for the Development of the Business Plan

Appendix B: Personal Career Plan

Appendix C: Risk: The Basics of Risk Management

Filters