Question 1

Why is productivity important? How can a nation's productivity rate be improved?

Accepted Answer

Productivity is the average level of out

Question 2

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

Accepted Answer

A)  business. 
B)  economy. 
C)  entrepreneurship. 
D)  e-business. 
E)  e-marketing. 
A)  business. 
B)  economy. 
C)  entrepreneurship. 
D)  e-business. 
E)  e-marketing.

Question 3

The relationship between sales and profits can be written as

Accepted Answer

A)  sales revenues + expenses = profit. 
B)  loss + profit = sales revenue. 
C)  profit − expenses = sales revenue. 
D)  expenses + loss = sales revenue + profit. 
E)  sales revenue − expenses = profit. 
A)  sales revenues + expenses = profit. 
B)  loss + profit = sales revenue. 
C)  profit − expenses = sales revenue. 
D)  expenses + loss = sales revenue + profit. 
E)  sales revenue − expenses = profit.

Question 4

William Welsh,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?

Accepted Answer

A)  Equipment 
B)  Capital 
C)  Labor 
D)  Entrepreneurship 
E)  Natural resources 
A)  Equipment 
B)  Capital 
C)  Labor 
D)  Entrepreneurship 
E)  Natural resources

Question 5

In perfect competition,who sets the price of a product?

Accepted Answer

In perfect competition,there are many bu

Question 6

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

Accepted Answer

A)  manufacturing businesses. 
B)  service businesses. 
C)  merchandisers. 
D)  market intermediaries. 
E)  processors. 
A)  manufacturing businesses. 
B)  service businesses. 
C)  merchandisers. 
D)  market intermediaries. 
E)  processors.

Question 7

All of the following are material resources for Honda Motor Company except

Accepted Answer

A)  paint. 
B)  steel. 
C)  factory. 
D)  tires. 
E)  money. 
A)  paint. 
B)  steel. 
C)  factory. 
D)  tires. 
E)  money.

Question 8

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

Accepted Answer

A)  repression 
B)  prosperity 
C)  recession 
D)  trough 
E)  recovery 
A)  repression 
B)  prosperity 
C)  recession 
D)  trough 
E)  recovery

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A)  Best Buy 
B)  Intel 
C)  Walmart 
D)  McDonalds 
E)  H&R Block 
A)  Best Buy 
B)  Intel 
C)  Walmart 
D)  McDonalds 
E)  H&R Block

Question 11

Home Inspirations Mary works for her father in a family-owned business called Home Inspirations,a bedding company that has been in operation since the 1800s.When her father retires,Mary plans on taking over the business.Mary is aware of many things about the company that she likes,and a few things that she does not.She has particularly noted that when the economy has low unemployment and high total income,sales are great.However,any other time,sales are not so good.Currently,all of the bedding items are created in one place and everyone works on various tasks every day.Mary is thinking about streamlining the production process so that individuals would be responsible for only one task.She believes that if production would increase,she could sell her products at a lower price and increase revenue.She knows that most bedding products available in the market are very similar in nature and satisfy the same need.However,if she were able to lower prices,this might give her company the competitive advantage that it needs.She would then be able to invest money in differentiating her products by providing unique features,building the brand name,and offering services such as free delivery.She is also considering selling her products on the Internet.Mary knows that her father does not like change very much,but she feels these changes are important for the future of the company.
-Refer to Home Inspirations.Mary feels that for productivity to improve,the company must practice

Accepted Answer

A)  free enterprise. 
B)  work ethics. 
C)  specialization. 
D)  cultural diversity. 
E)  pure competition. 
A)  free enterprise. 
B)  work ethics. 
C)  specialization. 
D)  cultural diversity. 
E)  pure competition.

Question 12

Matthew Brown decides to become a part owner of a corporation.As a part owner,he expects to receive a profit as payment because he has assumed the risk of

Accepted Answer

A)  serious inflation eroding the purchasing power of his investment. 
B)  being paid before the suppliers and employees are paid. 
C)  losing his home,car,and life savings. 
D)  losing the money he has invested in the corporation and not receiving profits. 
E)  the company giving all of the profits to local communities. 
A)  serious inflation eroding the purchasing power of his investment. 
B)  being paid before the suppliers and employees are paid. 
C)  losing his home,car,and life savings. 
D)  losing the money he has invested in the corporation and not receiving profits. 
E)  the company giving all of the profits to local communities.

Question 13

Why do we say that the U.S.economy is a mixed economy?

Accepted Answer

The United States economy exhibits eleme

Question 14

How can online networking improve your chances of success in the business world?

Accepted Answer

Answers will vary.It may be best to make

Question 15

Deflation is a general decrease in the level of prices.

Accepted Answer

A) True 
 B)False

Question 16

Public utilities are often referred to as

Accepted Answer

A)  sole proprietorships. 
B)  monopolistic competitors. 
C)  monopolies. 
D)  oligopolies. 
E)  socialistic. 
A)  sole proprietorships. 
B)  monopolistic competitors. 
C)  monopolies. 
D)  oligopolies. 
E)  socialistic.

Question 17

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

Accepted Answer

A)  specialization. 
B)  entrepreneurship. 
C)  free market. 
D)  barter. 
E)  factory manufacturing. 
A)  specialization. 
B)  entrepreneurship. 
C)  free market. 
D)  barter. 
E)  factory manufacturing.

Question 18

An executive at a U.S.steel company uses growth in gross domestic product as one way to develop trends in industry steel use,so he records GDP change for each year on a graph.However,the executive's figures are considerably higher than those of the staff economist,who also has drawn a graph.This difference is most likely the result of

Accepted Answer

A)  measurement errors by the U.S.Bureau of the Census. 
B)  a decline in gross domestic product. 
C)  an increase in gross domestic product. 
D)  the economist adjusting the figures for the inflation rate. 
E)  a change in productivity. 
A)  measurement errors by the U.S.Bureau of the Census. 
B)  a decline in gross domestic product. 
C)  an increase in gross domestic product. 
D)  the economist adjusting the figures for the inflation rate. 
E)  a change in productivity.

Question 19

What must a monopoly,such as a public utility,account for when setting its prices?

Accepted Answer

A)  A monopoly,because it has no competitors,can set prices as high as it likes. 
B)  A monopoly must consider customer demand,and then set prices at the most profitable level. 
C)  A monopoly must take into account what its top competitors are charging for the same product or service. 
D)  A monopoly has no say in what prices it will charge because the government sets the prices for all monopolistic industries. 
E)  A monopoly must look at the importance of each client,and then determine what respective rate each will be charged. 
A)  A monopoly,because it has no competitors,can set prices as high as it likes. 
B)  A monopoly must consider customer demand,and then set prices at the most profitable level. 
C)  A monopoly must take into account what its top competitors are charging for the same product or service. 
D)  A monopoly has no say in what prices it will charge because the government sets the prices for all monopolistic industries. 
E)  A monopoly must look at the importance of each client,and then determine what respective rate each will be charged.

Question 20

The Federal Reserve uses ____ when it lowers the interest rate charged to banks on short-term loans.

Accepted Answer

A)  monetary policy 
B)  national debt 
C)  inflation 
D)  fiscal policy 
E)  competition 
A)  monetary policy 
B)  national debt 
C)  inflation 
D)  fiscal policy 
E)  competition

Why is productivity important? How can a nation's productivity rate be improved?

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

The relationship between sales and profits can be written as

In perfect competition,who sets the price of a product?

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

All of the following are material resources for Honda Motor Company except

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

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

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

Matthew Brown decides to become a part owner of a corporation.As a part owner,he expects to receive a profit as payment because he has assumed the risk of

Why do we say that the U.S.economy is a mixed economy?

How can online networking improve your chances of success in the business world?

Deflation is a general decrease in the level of prices.

Public utilities are often referred to as

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

What must a monopoly,such as a public utility,account for when setting its prices?

The Federal Reserve uses ____ when it lowers the interest rate charged to banks on short-term loans.

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

Why is productivity important? How can a nation's productivity rate be improved?

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

The relationship between sales and profits can be written as

In perfect competition,who sets the price of a product?

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

All of the following are material resources for Honda Motor Company except

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

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

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

Matthew Brown decides to become a part owner of a corporation.As a part owner,he expects to receive a profit as payment because he has assumed the risk of

Why do we say that the U.S.economy is a mixed economy?

How can online networking improve your chances of success in the business world?

Deflation is a general decrease in the level of prices.

Public utilities are often referred to as

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

What must a monopoly,such as a public utility,account for when setting its prices?

The Federal Reserve uses ____ when it lowers the interest rate charged to banks on short-term loans.

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