Question 1

When Microsoft copyrighted its Windows software,it established a(n)____ monopoly.

Accepted Answer

A)  domestic 
B)  international 
C)  legal 
D)  natural 
E)  unnatural 
A)  domestic 
B)  international 
C)  legal 
D)  natural 
E)  unnatural

Question 2

Since World War II,the average length of recessions has been

Accepted Answer

A)  six months 
B)  eleven months 
C)  twenty-two months 
D)  three years 
E)  five years 
A)  six months 
B)  eleven months 
C)  twenty-two months 
D)  three years 
E)  five years

Question 3

In a monopoly situation,there is no close substitute for the product or service.

Accepted Answer

A) True 
 B)False

Question 4

The total of all federal deficits in the United States is called the

Accepted Answer

A)  economic debt. 
B)  federal deficit. 
C)  fiscal debt. 
D)  national debt. 
E)  consumer debt. 
A)  economic debt. 
B)  federal deficit. 
C)  fiscal debt. 
D)  national debt. 
E)  consumer debt.

Question 5

A price at which the demanded quantity is equal to the produced quantity of that product is called the ____ price.

Accepted Answer

A)  market 
B)  customer 
C)  equality 
D)  demand 
E)  supply 
A)  market 
B)  customer 
C)  equality 
D)  demand 
E)  supply

Question 6

When Honda experienced declining sales as a result of quality and safety issues,it began offering buyer incentives to new-car buyers.Nearly immediately,Ford and General Motors began similar promotions.These businesses

Accepted Answer

A)  represent an oligopoly in which there are few sellers,and each seller has considerable control over price. 
B)  represent a monopoly in which only one firm supplies a product or products. 
C)  are engaging in monopolistic competition in which there are many buyers as well as a relatively large number of sellers that differentiate their products from those of competitors. 
D)  are engaging in pure competition,in which no single seller is powerful enough to affect prices. 
E)  are engaging in monopolistic competition,in which the products are very similar. 
A)  represent an oligopoly in which there are few sellers,and each seller has considerable control over price. 
B)  represent a monopoly in which only one firm supplies a product or products. 
C)  are engaging in monopolistic competition in which there are many buyers as well as a relatively large number of sellers that differentiate their products from those of competitors. 
D)  are engaging in pure competition,in which no single seller is powerful enough to affect prices. 
E)  are engaging in monopolistic competition,in which the products are very similar.

Question 7

The monetary contributions that the owners of IBM pay for shares of the company's stock are ____ resources for IBM.

Accepted Answer

A)  material 
B)  financial 
C)  informational 
D)  human 
E)  manufacturing 
A)  material 
B)  financial 
C)  informational 
D)  human 
E)  manufacturing

Question 8

In the mid-1970s,American auto manufacturers produced big gas-guzzling cars and tried to sell them to consumers who needed fuel-efficient transportation.This happened because manufacturers

Accepted Answer

A)  lost sight of consumers' needs. 
B)  attempted to satisfy consumers' needs. 
C)  followed consumers' wants too closely. 
D)  knew the economy would rise again. 
E)  did not expect a profit. 
A)  lost sight of consumers' needs. 
B)  attempted to satisfy consumers' needs. 
C)  followed consumers' wants too closely. 
D)  knew the economy would rise again. 
E)  did not expect a profit.

Question 9

Productivity can best be described as

Accepted Answer

A)  a country's total output. 
B)  the efficiency of a company's operations. 
C)  economic growth in a country. 
D)  the average level of output per worker per hour. 
E)  the average level of output per worker per year. 
A)  a country's total output. 
B)  the efficiency of a company's operations. 
C)  economic growth in a country. 
D)  the average level of output per worker per hour. 
E)  the average level of output per worker per year.

Question 10

The four resources that a business must use to operate successfully include material resources,human resources,financial resources,and operational resources.

Accepted Answer

A) True 
 B)False

Question 11

Melinda lives in a country where individuals may own their own property and the factors of production,however,the government lays very heavy taxes on individuals and businesses and uses the taxes to provide life-long pensions to each citizen in accordance with their economic need.The government also provides almost free medical and dental services and education through college.This kind of economic system could best be described as

Accepted Answer

A)  communist. 
B)  socialist. 
C)  mixed. 
D)  capitalist. 
A)  communist. 
B)  socialist. 
C)  mixed. 
D)  capitalist.

Question 12

A market or industry with only one seller is referred to as

Accepted Answer

A)  a limited command system. 
B)  a monopoly. 
C)  an oligopoly. 
D)  monopolistic competition. 
E)  a perfect competitive market. 
A)  a limited command system. 
B)  a monopoly. 
C)  an oligopoly. 
D)  monopolistic competition. 
E)  a perfect competitive market.

Question 13

A nation's economy fluctuates instead of growing at a steady pace every year.These fluctuations are generally referred to as the business cycle.Describe the four different phases of the business cycle.

Accepted Answer

The business cycle generally includes fo

Question 14

Real gross domestic product is an economic measure that has been adjusted for price increases of goods and services during a given period of time.

Accepted Answer

A) True 
 B)False

Question 15

All of the following are characteristics of communist countries such as Cuba except

Accepted Answer

A)  intensive production of goods the government needs. 
B)  all workers contribute to society according to their ability. 
C)  frequent shortages of consumer goods. 
D)  government ownership of almost all economic resources. 
E)  an adequate supply of consumer goods. 
A)  intensive production of goods the government needs. 
B)  all workers contribute to society according to their ability. 
C)  frequent shortages of consumer goods. 
D)  government ownership of almost all economic resources. 
E)  an adequate supply of consumer goods.

Question 16

The purpose of specialization is to

Accepted Answer

A)  reduce productivity. 
B)  increase the efficiency of industrial workers. 
C)  boost the morale of an employee because he or she is special. 
D)  relieve boredom. 
E)  make the nature of the work more general. 
A)  reduce productivity. 
B)  increase the efficiency of industrial workers. 
C)  boost the morale of an employee because he or she is special. 
D)  relieve boredom. 
E)  make the nature of the work more general.

Question 17

____ is a loose,subjective measure of how well off an individual or society is in terms of obtaining want-satisfying goods and services.

Accepted Answer

A)  Employment success 
B)  Standard of wealth 
C)  Standard of living 
D)  Economic satisfaction 
E)  Satisfaction economic factor 
A)  Employment success 
B)  Standard of wealth 
C)  Standard of living 
D)  Economic satisfaction 
E)  Satisfaction economic factor

Question 18

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

Accepted Answer

A)  defense budgets. 
B)  trade deficits. 
C)  gross domestic products. 
D)  stock markets' performance. 
E)  consumer price indices. 
A)  defense budgets. 
B)  trade deficits. 
C)  gross domestic products. 
D)  stock markets' performance. 
E)  consumer price indices.

Question 19

In a socialist economy,key industries owned by the government include all except

Accepted Answer

A)  utilities. 
B)  communications. 
C)  food production. 
D)  banking. 
E)  transportation. 
A)  utilities. 
B)  communications. 
C)  food production. 
D)  banking. 
E)  transportation.

Question 20

____ is a necessary and extremely important by-product of capitalism.

Accepted Answer

A)  Monopoly 
B)  Socialism 
C)  Communism 
D)  Competition 
E)  Poverty 
A)  Monopoly 
B)  Socialism 
C)  Communism 
D)  Competition 
E)  Poverty

When Microsoft copyrighted its Windows software,it established a(n)____ monopoly.

Since World War II,the average length of recessions has been

In a monopoly situation,there is no close substitute for the product or service.

The total of all federal deficits in the United States is called the

A price at which the demanded quantity is equal to the produced quantity of that product is called the ____ price.

When Honda experienced declining sales as a result of quality and safety issues,it began offering buyer incentives to new-car buyers.Nearly immediately,Ford and General Motors began similar promotions.These businesses

The monetary contributions that the owners of IBM pay for shares of the company's stock are ____ resources for IBM.

In the mid-1970s,American auto manufacturers produced big gas-guzzling cars and tried to sell them to consumers who needed fuel-efficient transportation.This happened because manufacturers

Productivity can best be described as

The four resources that a business must use to operate successfully include material resources,human resources,financial resources,and operational resources.

A market or industry with only one seller is referred to as

A nation's economy fluctuates instead of growing at a steady pace every year.These fluctuations are generally referred to as the business cycle.Describe the four different phases of the business cycle.

Real gross domestic product is an economic measure that has been adjusted for price increases of goods and services during a given period of time.

All of the following are characteristics of communist countries such as Cuba except

The purpose of specialization is to

____ is a loose,subjective measure of how well off an individual or society is in terms of obtaining want-satisfying goods and services.

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

In a socialist economy,key industries owned by the government include all except

____ is a necessary and extremely important by-product of capitalism.

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

When Microsoft copyrighted its Windows software,it established a(n)____ monopoly.

Since World War II,the average length of recessions has been

In a monopoly situation,there is no close substitute for the product or service.

The total of all federal deficits in the United States is called the

A price at which the demanded quantity is equal to the produced quantity of that product is called the ____ price.

When Honda experienced declining sales as a result of quality and safety issues,it began offering buyer incentives to new-car buyers.Nearly immediately,Ford and General Motors began similar promotions.These businesses

The monetary contributions that the owners of IBM pay for shares of the company's stock are ____ resources for IBM.

In the mid-1970s,American auto manufacturers produced big gas-guzzling cars and tried to sell them to consumers who needed fuel-efficient transportation.This happened because manufacturers

Productivity can best be described as

The four resources that a business must use to operate successfully include material resources,human resources,financial resources,and operational resources.

A market or industry with only one seller is referred to as

A nation's economy fluctuates instead of growing at a steady pace every year.These fluctuations are generally referred to as the business cycle.Describe the four different phases of the business cycle.

Real gross domestic product is an economic measure that has been adjusted for price increases of goods and services during a given period of time.

All of the following are characteristics of communist countries such as Cuba except

The purpose of specialization is to

____ is a loose,subjective measure of how well off an individual or society is in terms of obtaining want-satisfying goods and services.

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

In a socialist economy,key industries owned by the government include all except

____ is a necessary and extremely important by-product of capitalism.

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