Question 1

Thomas Edison was an American entrepreneur.

Accepted Answer

A) True 
 B)False

Question 2

In a capitalist system,individuals own and operate ____ businesses.

Accepted Answer

A)  no 
B)  few 
C)  about half 
D)  many 
E)  the majority of 
A)  no 
B)  few 
C)  about half 
D)  many 
E)  the majority of

Question 3

All of the following are associated with the Industrial Revolution except

Accepted Answer

A)  cotton gins. 
B)  railroads. 
C)  farm equipment. 
D)  computers. 
E)  assembly lines. 
A)  cotton gins. 
B)  railroads. 
C)  farm equipment. 
D)  computers. 
E)  assembly lines.

Question 4

Define competition,and describe the different forms it can take.

Accepted Answer

Competition,the rivalry among businesses

Question 5

Gross domestic product is the sum of all goods and services produced in a country during a year.

Accepted Answer

A) True 
 B)False

Question 6

_________________ is the study of how resources are distributed for the production of goods and services within a social system.

Accepted Answer

A)  Financial resources 
B)  Human resources 
C)  Economic systems 
D)  Communism 
E)  Economics 
A)  Financial resources 
B)  Human resources 
C)  Economic systems 
D)  Communism 
E)  Economics

Question 7

Using the supply and demand curves shown in the graph that follows,what is the equilibrium price for soft drinks?

Accepted Answer

A)  35 cents 
B)  45 cents 
C)  50 cents 
D)  55 cents 
E)  75 cents 
A)  35 cents 
B)  45 cents 
C)  50 cents 
D)  55 cents 
E)  75 cents

Question 8

The primary goal of business activities is profit.

Accepted Answer

A) True 
 B)False

Question 9

Free-market capitalism and laissez-faire capitalism are essentially the same thing.

Accepted Answer

A) True 
 B)False

Question 10

A continuing rise in prices over a period of time refers to

Accepted Answer

A)  inflation. 
B)  economic expansion. 
C)  a recession. 
D)  economic contraction. 
E)  deflation. 
A)  inflation. 
B)  economic expansion. 
C)  a recession. 
D)  economic contraction. 
E)  deflation.

Question 11

The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.

Accepted Answer

A)  supply price 
B)  equilibrium price 
C)  demand price 
D)  demand curve 
E)  exact price 
A)  supply price 
B)  equilibrium price 
C)  demand price 
D)  demand curve 
E)  exact price

Question 12

What would you do in Shelly's position?

Accepted Answer

Answers will vary,bu

Question 13

Describe the relationship between management,marketing,finance,owners,employees,and customers.

Accepted Answer

Management involves coordinating the eff

Question 14

Entrepreneurs risk their wealth,time,and effort to develop for profit an innovative product or way of doing something.

Accepted Answer

A) True 
 B)False

Question 15

What challenges does Shelly face as she considers the three options?

Accepted Answer

The first option implies that Shelly's c

Question 16

When purchasing,a consumer is actually buying a product's anticipated benefits and

Accepted Answer

A)  satisfaction. 
B)  price. 
C)  costs. 
D)  productivity. 
E)  form. 
A)  satisfaction. 
B)  price. 
C)  costs. 
D)  productivity. 
E)  form.

Question 17

Which of the following functions involves activities designed to provide goods and services that fulfill needs and desires of consumers?

Accepted Answer

A)  Accounting 
B)  Engineering 
C)  Finance 
D)  Production 
E)  Marketing 
A)  Accounting 
B)  Engineering 
C)  Finance 
D)  Production 
E)  Marketing

Question 18

In a free-market system,the government regulates business.

Accepted Answer

A) True 
 B)False

Question 19

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire,the competitive environment is probably

Accepted Answer

A)  pure competition. 
B)  monopolistic competition. 
C)  oligopoly. 
D)  monopoly. 
E)  pure capitalism. 
A)  pure competition. 
B)  monopolistic competition. 
C)  oligopoly. 
D)  monopoly. 
E)  pure capitalism.

Question 20

Owners have little responsibility to provide funds for the operation of the business.

Accepted Answer

A) True 
 B)False

Thomas Edison was an American entrepreneur.

In a capitalist system,individuals own and operate ____ businesses.

All of the following are associated with the Industrial Revolution except

Define competition,and describe the different forms it can take.

Gross domestic product is the sum of all goods and services produced in a country during a year.

_________________ is the study of how resources are distributed for the production of goods and services within a social system.

Using the supply and demand curves shown in the graph that follows,what is the equilibrium price for soft drinks?

The primary goal of business activities is profit.

Free-market capitalism and laissez-faire capitalism are essentially the same thing.

A continuing rise in prices over a period of time refers to

The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.

What would you do in Shelly's position?

Describe the relationship between management,marketing,finance,owners,employees,and customers.

Entrepreneurs risk their wealth,time,and effort to develop for profit an innovative product or way of doing something.

What challenges does Shelly face as she considers the three options?

When purchasing,a consumer is actually buying a product's anticipated benefits and

Which of the following functions involves activities designed to provide goods and services that fulfill needs and desires of consumers?

In a free-market system,the government regulates business.

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire,the competitive environment is probably

Owners have little responsibility to provide funds for the operation of the business.

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

Thomas Edison was an American entrepreneur.

In a capitalist system,individuals own and operate ____ businesses.

All of the following are associated with the Industrial Revolution except

Define competition,and describe the different forms it can take.

Gross domestic product is the sum of all goods and services produced in a country during a year.

_________________ is the study of how resources are distributed for the production of goods and services within a social system.

Using the supply and demand curves shown in the graph that follows,what is the equilibrium price for soft drinks?

The primary goal of business activities is profit.

Free-market capitalism and laissez-faire capitalism are essentially the same thing.

A continuing rise in prices over a period of time refers to

The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.

What would you do in Shelly's position?

Describe the relationship between management,marketing,finance,owners,employees,and customers.

Entrepreneurs risk their wealth,time,and effort to develop for profit an innovative product or way of doing something.

What challenges does Shelly face as she considers the three options?

When purchasing,a consumer is actually buying a product's anticipated benefits and

Which of the following functions involves activities designed to provide goods and services that fulfill needs and desires of consumers?

In a free-market system,the government regulates business.

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire,the competitive environment is probably

Owners have little responsibility to provide funds for the operation of the business.

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