Question 1

Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.

Accepted Answer

A) True 
 B)False

Question 2

Briefly describe the goals of a business,especially the primary goal.

Accepted Answer

The primary goal of business is profit,t

Question 3

When there is only one business providing a product in a given market,there exists

Accepted Answer

A)  an oligopoly. 
B)  unfair competition. 
C)  pure competition. 
D)  monopolistic competition. 
E)  a monopoly. 
A)  an oligopoly. 
B)  unfair competition. 
C)  pure competition. 
D)  monopolistic competition. 
E)  a monopoly.

Question 4

Factors of production are

Accepted Answer

A)  resources used to produce goods and services. 
B)  fixed resources. 
C)  hard to find. 
D)  seldom in demand. 
E)  free to use. 
A)  resources used to produce goods and services. 
B)  fixed resources. 
C)  hard to find. 
D)  seldom in demand. 
E)  free to use.

Question 5

Countries measure the state of their economies to

Accepted Answer

A)  determine whether they are expanding or contracting. 
B)  regulate wages and employment. 
C)  let other nations know the state of their economic health. 
D)  avoid taking corrective action. 
E)  control government spending. 
A)  determine whether they are expanding or contracting. 
B)  regulate wages and employment. 
C)  let other nations know the state of their economic health. 
D)  avoid taking corrective action. 
E)  control government spending.

Question 6

Profit is what it costs to make and sell a product.

Accepted Answer

A) True 
 B)False

Question 7

____ resources are also known as labor.

Accepted Answer

A)  Economic 
B)  Human 
C)  Productive 
D)  Financial 
E)  Natural 
A)  Economic 
B)  Human 
C)  Productive 
D)  Financial 
E)  Natural

Question 8

Managers coordinate resources to achieve the firm's goals.

Accepted Answer

A) True 
 B)False

Question 9

____ have both tangible and intangible characteristics.

Accepted Answer

A)  Products 
B)  Services 
C)  Businesses 
D)  Stakeholders 
E)  Organizations 
A)  Products 
B)  Services 
C)  Businesses 
D)  Stakeholders 
E)  Organizations

Question 10

The Industrial Revolution brought increasing prosperity and propelled the United States into a manufacturing economy.

Accepted Answer

A) True 
 B)False

Question 11

Define supply,demand,and equilibrium price,and explain their relationship with each other.

Accepted Answer

Supply is the quantity of goods or servi

Question 12

What is the primary lesson to be learned from the economic scandals of the early 21st century?

Accepted Answer

A)  Businesses' reputations depend on their profits. 
B)  Public confidence in corporate America depends on companies' bottom lines. 
C)  Most businesses can focus on their bottoms lines to the exclusion of other factors. 
D)  Ethical conduct and corporate social responsibility are very important. 
E)  Executives who engage in misconduct are likely to get away with it if it enhances their firms' profits. 
A)  Businesses' reputations depend on their profits. 
B)  Public confidence in corporate America depends on companies' bottom lines. 
C)  Most businesses can focus on their bottoms lines to the exclusion of other factors. 
D)  Ethical conduct and corporate social responsibility are very important. 
E)  Executives who engage in misconduct are likely to get away with it if it enhances their firms' profits.

Question 13

When a business fails or does not make a profit,_______ have the most to lose.

Accepted Answer

A)  customers 
B)  workers 
C)  managers 
D)  owners 
E)  consumers 
A)  customers 
B)  workers 
C)  managers 
D)  owners 
E)  consumers

Question 14

Which of the following is not a product?

Accepted Answer

A)  A Dell personal computer 
B)  A veterinarian's treatment of a pet's injuries 
C)  A lawyer's advice in a divorce case 
D)  A business profit 
E)  A checkup by a doctor 
A)  A Dell personal computer 
B)  A veterinarian's treatment of a pet's injuries 
C)  A lawyer's advice in a divorce case 
D)  A business profit 
E)  A checkup by a doctor

Question 15

Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other businesses.

Accepted Answer

A) True 
 B)False

Question 16

When Apple introduced the iPad,the price of and demand for netbook and notebook computers were high.As a result,

Accepted Answer

A)  other suppliers introduced competing products to take advantage of the demand. 
B)  consumers stopped buying netpads. 
C)  manufacturers stopped producing netpads. 
D)  competition was not allowed to enter the market. 
E)  the equilibrium price met supply. 
A)  other suppliers introduced competing products to take advantage of the demand. 
B)  consumers stopped buying netpads. 
C)  manufacturers stopped producing netpads. 
D)  competition was not allowed to enter the market. 
E)  the equilibrium price met supply.

Question 17

After demand began to accelerate beyond supply,Mrs.Acres Homemade Pies was faced with a series of options.Which of the following is not one of those options?

Accepted Answer

A)  Maintain current production levels and raise prices 
B)  Expand the facility and staff while maintaining price 
C)  Contract the production of pies to a national restaurant chain 
D)  Maintain current levels of product and reduce the price 
E)  Increase production and maintain the price 
A)  Maintain current production levels and raise prices 
B)  Expand the facility and staff while maintaining price 
C)  Contract the production of pies to a national restaurant chain 
D)  Maintain current levels of product and reduce the price 
E)  Increase production and maintain the price

Question 18

According to the text,profit is the reward for business in exchange for the ____ taken in providing products.

Accepted Answer

A)  expenses 
B)  time 
C)  energy 
D)  risks 
E)  markets 
A)  expenses 
B)  time 
C)  energy 
D)  risks 
E)  markets

Question 19

Products have tangible attributes only.

Accepted Answer

A) True 
 B)False

Question 20

The standard of living rises because people have less money to spend.

Accepted Answer

A) True 
 B)False

Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.

Briefly describe the goals of a business,especially the primary goal.

When there is only one business providing a product in a given market,there exists

Factors of production are

Countries measure the state of their economies to

Profit is what it costs to make and sell a product.

____ resources are also known as labor.

Managers coordinate resources to achieve the firm's goals.

____ have both tangible and intangible characteristics.

The Industrial Revolution brought increasing prosperity and propelled the United States into a manufacturing economy.

Define supply,demand,and equilibrium price,and explain their relationship with each other.

What is the primary lesson to be learned from the economic scandals of the early 21^st century?

When a business fails or does not make a profit,_______ have the most to lose.

Which of the following is not a product?

Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other businesses.

When Apple introduced the iPad,the price of and demand for netbook and notebook computers were high.As a result,

After demand began to accelerate beyond supply,Mrs.Acres Homemade Pies was faced with a series of options.Which of the following is not one of those options?

According to the text,profit is the reward for business in exchange for the ____ taken in providing products.

Products have tangible attributes only.

The standard of living rises because people have less money to spend.

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

Small Business, entrepreneurship, and Franchising

The Nature of Management

Organization, teamwork, and Communication

Managing Service and Manufacturing Operations

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Filters

Exam 1: The Dynamics of Business and Economics

Demand is the quantity of goods and services that consumers are willing to buy at different prices at a specific time.

Briefly describe the goals of a business,especially the primary goal.

When there is only one business providing a product in a given market,there exists

Factors of production are

Countries measure the state of their economies to

Profit is what it costs to make and sell a product.

____ resources are also known as labor.

Managers coordinate resources to achieve the firm's goals.

____ have both tangible and intangible characteristics.

The Industrial Revolution brought increasing prosperity and propelled the United States into a manufacturing economy.

Define supply,demand,and equilibrium price,and explain their relationship with each other.

What is the primary lesson to be learned from the economic scandals of the early 21st century?

When a business fails or does not make a profit,_______ have the most to lose.

Which of the following is not a product?

Capitalism is an economic system in which the government owns and operates basic industries while individuals own most other businesses.

When Apple introduced the iPad,the price of and demand for netbook and notebook computers were high.As a result,

After demand began to accelerate beyond supply,Mrs.Acres Homemade Pies was faced with a series of options.Which of the following is not one of those options?

According to the text,profit is the reward for business in exchange for the ____ taken in providing products.

Products have tangible attributes only.

The standard of living rises because people have less money to spend.

Business Ethics and Social Responsibility

Business in a Borderless World

Options for Organizing Business

Small Business, entrepreneurship, and Franchising

The Nature of Management

Organization, teamwork, and Communication

Managing Service and Manufacturing Operations

Motivating the Workforce

Managing Human Resources

Customer-Driven Marketing

Dimensions of Marketing Strategy

Digital Marketing and Social Networking

Accounting and Financial Statements

Money and the Financial System

Financial Management and Securities Markets

Filters

What is the primary lesson to be learned from the economic scandals of the early 21^st century?