Exam 1: Exploring the World of Business and Economics

After getting her bachelor's degree in business, Mary Wilson realized she was much more productive at her job than she had been before. Mary's degree helped her to become a better employee.

____ is the process of developing and promoting the differences between one's products and other similar products.

Which of the following companies is an example of a manufacturer?

Which of the following is most aligned with the Occupy Wall Street protests?

As Rachel Smith and her friends prepare to graduate from college, they are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago. Based on this information, which stage of the business cycle would the economy be in?

For the U.S. government to provide services, it collects revenue from

Explain how the notion of scarcity is related to personal as well as business decision making.

If a firm's sales revenue exceeds its expenses, the firm has earned a profit.

The government uses tax dollars to

Fewer workers producing more goods and services can lead to higher overall employment rates.

According to economists, natural resources, labor, capital, and entrepreneurship are called

The production and operations manager at a large shoe factory in Fall River, Massachusetts, notices that the total number of hours worked by production employees has increased 12 percent, while the number of pairs of shoes ready for shipping has dropped 6 percent this year over last year. This means

When the U.S. government spends more than it receives within a fiscal year, this is called the

Economists define a recession as two or more consecutive three-month periods of decline in a country's gross domestic product.

The ultimate objective of every firm, such as Intel, Chevrolet, and Sony must be to

How does socialism differ from communism?

What is the difference between monetary policies and fiscal policies? How does each affect the nation's economy?

At the end of the year, an individual, small business owner has made $65,000 in profit. Who does that profit belong to?

To compare the productivity of the United States to that of Japan, one should examine their respective

Which of the following is not a characteristic of the Great Depression?