Question 1

The terms real gross domestic product and gross domestic product can be used interchangeably.

Accepted Answer

A) True 
 B)False

Question 2

Mandy Bush decides to start a residential landscaping business.How would this business most likely be classified?

Accepted Answer

A)  Manufacturing business 
B)  Marketing intermediary 
C)  Service business 
D)  Corporation 
E)  Nonprofit organization 
A)  Manufacturing business 
B)  Marketing intermediary 
C)  Service business 
D)  Corporation 
E)  Nonprofit organization

Question 3

As a farmer,Charles Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

Accepted Answer

A)  It is determined by Charles because he has the product that many people want. 
B)  The price is determined by combining the actions of all buyers and all sellers together. 
C)  The price he will receive is primarily determined by the buyer at the local grain bin. 
D)  The government sets the price of the corn to level the playing field for everyone. 
E)  The price will be approximately 25 percent higher than what other farmers are selling the same corn for because Charles is an astute businessperson. 
A)  It is determined by Charles because he has the product that many people want. 
B)  The price is determined by combining the actions of all buyers and all sellers together. 
C)  The price he will receive is primarily determined by the buyer at the local grain bin. 
D)  The government sets the price of the corn to level the playing field for everyone. 
E)  The price will be approximately 25 percent higher than what other farmers are selling the same corn for because Charles is an astute businessperson.

Question 4

According to global experts,India is the fastest-growing economy in the world.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A)  free resources. 
B)  competitive resources. 
C)  factory resources. 
D)  factors of manufacturing. 
E)  factors of production. 
A)  free resources. 
B)  competitive resources. 
C)  factory resources. 
D)  factors of manufacturing. 
E)  factors of production.

Question 6

Productivity is the total output per worker per year.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following industries would most likely have the characteristics of an oligopoly?

Accepted Answer

A)  Clothing 
B)  Restaurants 
C)  Automobiles 
D)  Cameras 
E)  Make-up 
A)  Clothing 
B)  Restaurants 
C)  Automobiles 
D)  Cameras 
E)  Make-up

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

In a monopolistic competition setting,how can a manufacturer differentiate a product?

Accepted Answer

Sellers attempt to differentiate their p

Question 10

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

Student answers will vary.The need to cr

The terms real gross domestic product and gross domestic product can be used interchangeably.

Mandy Bush decides to start a residential landscaping business.How would this business most likely be classified?

As a farmer,Charles Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

According to global experts,India is the fastest-growing economy in the world.

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

Productivity is the total output per worker per year.

Which of the following industries would most likely have the characteristics of an oligopoly?

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

In a monopolistic competition setting,how can a manufacturer differentiate a product?

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

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

Ethics and Social Responsibility in Business

Global Business

Choosing a Form of Business Ownership

Small Business,Entrepreneurship,and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees

Building Customer Relationships Through Effective Marketing

Creating and Pricing Products That Satisfy Customers

Distributing and Promoting Products

Exploring Social Media and E-Business

Using Management and Accounting Information

Mastering Financial Management

Understanding Personal Finances and Investments

Enhancing Union-Management Relations

Risk Management and Insurance

Business Law regulation and Taxation

Filters

Exam 1: Exploring the World of Business and Economics

The terms real gross domestic product and gross domestic product can be used interchangeably.

Mandy Bush decides to start a residential landscaping business.How would this business most likely be classified?

As a farmer,Charles Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

According to global experts,India is the fastest-growing economy in the world.

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

Productivity is the total output per worker per year.

Which of the following industries would most likely have the characteristics of an oligopoly?

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

In a monopolistic competition setting,how can a manufacturer differentiate a product?

The products available in a monopolistically competitive market are similar in nature and are intended to satisfy the same need.

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

Ethics and Social Responsibility in Business

Global Business

Choosing a Form of Business Ownership

Small Business,Entrepreneurship,and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees

Building Customer Relationships Through Effective Marketing

Creating and Pricing Products That Satisfy Customers

Distributing and Promoting Products

Exploring Social Media and E-Business

Using Management and Accounting Information

Mastering Financial Management

Understanding Personal Finances and Investments

Enhancing Union-Management Relations

Risk Management and Insurance

Business Law regulation and Taxation

Filters