Exam 1: Exploring the World of Business and Economics

Ways in which consumers affect American business include all the following except

The U.S. business system is commonly referred to as a mixed economy.

The separation of a manufacturing process into distinct tasks and the assignment of different tasks to different individuals is called

The organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society's needs is called

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

What do you consider the most important challenges that American business faces today?

Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market. The market for casual clothing can best be characterized as

The work performed to produce goods and services is referred to as

The equilibrium or market price exists when the supply of a product exceeds the amount that consumers are willing to purchase.

The economic term used to describe the Federal Reserve's actions to determine the size of the supply of money in the nation and the level of interest rates is

Because e-businesses use the Internet, there is no need to meet the needs of their customers.

Perfect competition is the market situation in which a product has many buyers and sellers, and no single buyer or seller is powerful enough to affect a product's price.

The maker of Hanes pantyhose attempts to set its product apart from the competition. As a result, the company obtained limited control over the price of its product. Achieving price control in this manner is known as

The total of all federal deficits in the United States is called the

Adam Smith argued that the creation of wealth is a proper concern of government.

Sony is most correctly classified as a marketing intermediary type of business.

A working knowledge of our business system combined with technical skills can give an applicant an advantage in looking for a job.

Which of the following is false in regard to the unemployment rate?

For a business, stakeholders represent

In your own words, describe what you "bring to the table" as a potential employee of a company that you desire to work for.