Question 1

If all leading corporations in the soft-drink industry merged,this would

Accepted Answer

A)  encourage pure competition. 
B)  encourage monopolistic competition. 
C)  lead to an oligopoly. 
D)  create a limited monopoly. 
E)  create a monopoly. 
A)  encourage pure competition. 
B)  encourage monopolistic competition. 
C)  lead to an oligopoly. 
D)  create a limited monopoly. 
E)  create a monopoly.

Question 2

During which stage of the business cycle would a company such as 3M begin to focus on being more value conscious in its production decisions?

Accepted Answer

A)  Depression 
B)  Peak 
C)  Recession 
D)  Trough 
E)  Recovery 
A)  Depression 
B)  Peak 
C)  Recession 
D)  Trough 
E)  Recovery

Question 3

People buy goods and services simply to own them.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A)  barter. 
B)  ancient trading. 
C)  the domestic system. 
D)  the factory system. 
E)  an unequal exchange of goods. 
A)  barter. 
B)  ancient trading. 
C)  the domestic system. 
D)  the factory system. 
E)  an unequal exchange of goods.

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

John owns stock in ABC,Inc.Mary is an employee of ABC,Inc.D'Shawn uses the products sold by ABC,Inc.Pham and Alexis are on the board of directors of ABC,Inc.Winifred lives in a housing tract adjacent to the ABC,Inc.factory.Which of the following best describes the roles of these individuals as they relate to ABC,Inc.?

Accepted Answer

A)  Each of these individuals is a stakeholder of ABC,Inc. 
B)  John,Mary,Pham,and Alexis are affected by the policies,decisions,and activities of ABC,Inc.,but Winifred and D'Shawn are not. 
C)  Only Pham and Alexis are stakeholders in ABC,Inc.,because they are on the board of directors. 
D)  All but Winifred are stakeholders in ABC,Inc. 
A)  Each of these individuals is a stakeholder of ABC,Inc. 
B)  John,Mary,Pham,and Alexis are affected by the policies,decisions,and activities of ABC,Inc.,but Winifred and D'Shawn are not. 
C)  Only Pham and Alexis are stakeholders in ABC,Inc.,because they are on the board of directors. 
D)  All but Winifred are stakeholders in ABC,Inc.

Question 7

Deflation

Accepted Answer

A)  is a typical economic event in the U.S.economy. 
B)  is scheduled by the nation's economists to make economic corrections. 
C)  occurs only in command economies. 
D)  is a general decrease in the level of prices. 
E)  is characteristic of a mixed economy. 
A)  is a typical economic event in the U.S.economy. 
B)  is scheduled by the nation's economists to make economic corrections. 
C)  occurs only in command economies. 
D)  is a general decrease in the level of prices. 
E)  is characteristic of a mixed economy.

Question 8

Anthony chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work.Anthony seems to value

Accepted Answer

A)  recognition and rewards. 
B)  the opportunity to help others. 
C)  promotions and transfers. 
D)  more free time. 
E)  get-rich-quick schemes. 
A)  recognition and rewards. 
B)  the opportunity to help others. 
C)  promotions and transfers. 
D)  more free time. 
E)  get-rich-quick schemes.

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

During the 1930s,government became deeply involved in business for the first time.

Accepted Answer

A) True 
 B)False

Question 11

For firms like Apple and Samsung,competition

Accepted Answer

A)  is not a factor that must be considered in a free-market economy. 
B)  affects smaller businesses but not large chain operations. 
C)  affects larger chain operations but not smaller businesses. 
D)  is a rivalry among businesses for sales to potential customers. 
E)  is a problem that has been eliminated in the twenty-first century. 
A)  is not a factor that must be considered in a free-market economy. 
B)  affects smaller businesses but not large chain operations. 
C)  affects larger chain operations but not smaller businesses. 
D)  is a rivalry among businesses for sales to potential customers. 
E)  is a problem that has been eliminated in the twenty-first century.

Question 12

What is profit and why is it important to a business?

Accepted Answer

Profit is what remains after all busines

Question 13

In a communist country such as Cuba,emphasis is placed on producing what type of goods?

Accepted Answer

A)  Goods needed by the government 
B)  Consumer goods 
C)  Goods for export 
D)  Perishable goods such as food 
E)  Durable goods such as machinery 
A)  Goods needed by the government 
B)  Consumer goods 
C)  Goods for export 
D)  Perishable goods such as food 
E)  Durable goods such as machinery

Question 14

The current technology environment

Accepted Answer

A)  is not as important as it was fifteen years ago. 
B)  does not affect manufacturing firms. 
C)  changes the way business firms communicate with customers. 
D)  doesn't change as often as it did fifteen years ago. 
E)  is not a concern for most firms that do business only in the United States. 
A)  is not as important as it was fifteen years ago. 
B)  does not affect manufacturing firms. 
C)  changes the way business firms communicate with customers. 
D)  doesn't change as often as it did fifteen years ago. 
E)  is not a concern for most firms that do business only in the United States.

Question 15

Specialization is meant to increase the efficiency of industrial workers.

Accepted Answer

A) True 
 B)False

Question 16

Consumers exchange tax money to purchase goods and services.

Accepted Answer

A) True 
 B)False

Question 17

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease.What will likely result from this new information?

Accepted Answer

A)  The demand for fish will decrease. 
B)  The supply of fish will decrease,causing a decrease in the price. 
C)  The demand for fish will increase at every price. 
D)  The demand for fish will decrease at every price. 
E)  The demand for fish will likely remain the same,but the market price will adjust. 
A)  The demand for fish will decrease. 
B)  The supply of fish will decrease,causing a decrease in the price. 
C)  The demand for fish will increase at every price. 
D)  The demand for fish will decrease at every price. 
E)  The demand for fish will likely remain the same,but the market price will adjust.

Question 18

In France,income taxes are reduced so that individuals will have more income to spend,which in turn will stimulate the economy.This is an example of

Accepted Answer

A)  the business cycle. 
B)  economic stimulation. 
C)  monetary policy. 
D)  recession. 
E)  fiscal policy. 
A)  the business cycle. 
B)  economic stimulation. 
C)  monetary policy. 
D)  recession. 
E)  fiscal policy.

Question 19

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

Accepted Answer

Monetary policies are the Federal Reserv

Question 20

The gross domestic product (GDP)of Sweden is $498.1 billion (2016 est.),with a real GDP growth rate of 3.6% (2016 est.),and GDP per capita of $49,700 (2016 est.).The GDP of Poland is $1.052 trillion (2016 est.),with a real GDP growth rate of 3.1% (2016 est.),and GDP per capita of $27,700 (2016 est.).The GDP of Botswana is $36.51 billion (2016 est.),with a real GDP growth rate of 3.1% (2016 est.),and GDP per capita of $16,900 (2016 est.).When comparing the gross domestic product (GDP)numbers of these three nations,which of the following conclusions would be appropriate?

Accepted Answer

A)  Of the three nations,Sweden has the lowest growth rate with the other two nations tied for second place. 
B)  While Poland has a higher GDP,individuals in Sweden produce more per capita and Botswana produces less per capita and has the lowest GDP of the three nations. 
C)  Of the three nations,Botswana produces the least per capita with Poland second and Sweden the most. 
D)  These three nations have roughly the same GDP figures. 
A)  Of the three nations,Sweden has the lowest growth rate with the other two nations tied for second place. 
B)  While Poland has a higher GDP,individuals in Sweden produce more per capita and Botswana produces less per capita and has the lowest GDP of the three nations. 
C)  Of the three nations,Botswana produces the least per capita with Poland second and Sweden the most. 
D)  These three nations have roughly the same GDP figures.

If all leading corporations in the soft-drink industry merged,this would

During which stage of the business cycle would a company such as 3M begin to focus on being more value conscious in its production decisions?

People buy goods and services simply to own them.

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

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

Deflation

Anthony chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work.Anthony seems to value

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

During the 1930s,government became deeply involved in business for the first time.

For firms like Apple and Samsung,competition

What is profit and why is it important to a business?

In a communist country such as Cuba,emphasis is placed on producing what type of goods?

The current technology environment

Specialization is meant to increase the efficiency of industrial workers.

Consumers exchange tax money to purchase goods and services.

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease.What will likely result from this new information?

In France,income taxes are reduced so that individuals will have more income to spend,which in turn will stimulate the economy.This is an example of

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

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

If all leading corporations in the soft-drink industry merged,this would

During which stage of the business cycle would a company such as 3M begin to focus on being more value conscious in its production decisions?

People buy goods and services simply to own them.

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

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

Deflation

Anthony chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work.Anthony seems to value

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

During the 1930s,government became deeply involved in business for the first time.

For firms like Apple and Samsung,competition

What is profit and why is it important to a business?

In a communist country such as Cuba,emphasis is placed on producing what type of goods?

The current technology environment

Specialization is meant to increase the efficiency of industrial workers.

Consumers exchange tax money to purchase goods and services.

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease.What will likely result from this new information?

In France,income taxes are reduced so that individuals will have more income to spend,which in turn will stimulate the economy.This is an example of

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

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