Exam 1: Exploring the World of Business and Economics

The organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs through the Internet is known as

Which of the following situations is most likely to increase the United States' productivity?

The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____, deemed an important management trait.

Reducing costs and enabling employees to work more efficiently are at the core of all attempts to improve productivity.

As the founder of an American business firm, Mark Pincus can, within certain limits, produce and/or sell any product or service that he chooses and it at any price.

Because of technology and the Internet, the use of information by business managers has increased.

Which of the following scenarios would best exemplify Adam Smith's view of best serving the interests of society?

In Adam Smith's view, which of the following is not the role of government in business?

Consumers exchange tax money to purchase goods and services.

Matt Newell, a former Air Force pilot, decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains. He obtains a loan and purchases the necessary land, facilities, advertising, and five helicopters for his business. What important factor of production has he overlooked in creating his business?

American Airlines traded eight 747s for twelve DC-10s owned by United Airlines. This transaction is an example of

Organizations that combine raw materials, machinery, and labor to produce goods are called

Macroeconomists often study the effect of taxes, government spending, interest rates, and similar factors on a nation's economy.

Which of the following is not a characteristic of an oligopoly?

When General Mills and a few other firms dominate the American cereal market, this is an example of

A system where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a ____ economy.

A depression is a severe recession that lasts longer than a recession.

Service businesses employ approximately ___ percent of the U.S. work force.

When an individual chooses his or her ideal career, it is most likely a reflection of one's

The total dollar value of all goods and services produced by all people within the boundaries of a country is called