Question 1

Equal distribution of income and social services is also referred to as

Accepted Answer

A)  laissez-faire. 
B)  egalitarianism. 
C)  capitalism. 
D)  equality. 
E)  democracy. 
A)  laissez-faire. 
B)  egalitarianism. 
C)  capitalism. 
D)  equality. 
E)  democracy.

Question 2

Owners always manage their businesses.

Accepted Answer

A) True 
 B)False

Question 3

Increased unemployment can reduce consumer demand for goods and services,leading to

Accepted Answer

A)  economic expansion. 
B)  inflation. 
C)  deflation. 
D)  a budget deficit. 
E)  recovery. 
A)  economic expansion. 
B)  inflation. 
C)  deflation. 
D)  a budget deficit. 
E)  recovery.

Question 4

The functions of organizing,staffing,planning,and controlling are most closely associated with

Accepted Answer

A)  employees. 
B)  customers. 
C)  managers. 
D)  stockholders. 
E)  accountants. 
A)  employees. 
B)  customers. 
C)  managers. 
D)  stockholders. 
E)  accountants.

Question 5

____ is often called the father of capitalism.

Accepted Answer

A)  Karl Marx 
B)  George Washington 
C)  Benjamin Franklin 
D)  Alan Greenspan 
E)  Adam Smith 
A)  Karl Marx 
B)  George Washington 
C)  Benjamin Franklin 
D)  Alan Greenspan 
E)  Adam Smith

Question 6

Advertising first made consumers aware of differences in products and prices in the marketing economy.

Accepted Answer

A) True 
 B)False

Question 7

The function concerned with obtaining and managing money and using it effectively is called

Accepted Answer

A)  management. 
B)  marketing. 
C)  finance. 
D)  production and operations. 
E)  personnel. 
A)  management. 
B)  marketing. 
C)  finance. 
D)  production and operations. 
E)  personnel.

Question 8

What are the three questions that all economic systems must answer? Who answers them under a communist system? A socialist system? A capitalist system?

Accepted Answer

The three economic questions are (1)What

Question 9

A product's equilibrium price is constantly changing in response to changes in economic conditions,availability of resources,and degree of competition.

Accepted Answer

A) True 
 B)False

Question 10

____ is the primary goal of business.

Accepted Answer

A)  Growth 
B)  Profit 
C)  IPO 
D)  Marketing 
E)  Strategy 
A)  Growth 
B)  Profit 
C)  IPO 
D)  Marketing 
E)  Strategy

Question 11

___________ exists when there are many small businesses selling one standardized product.

Accepted Answer

A)  Monopolistic competition 
B)  Oligopoly 
C)  Pure competition 
D)  Monopoly 
E)  Market structure 
A)  Monopolistic competition 
B)  Oligopoly 
C)  Pure competition 
D)  Monopoly 
E)  Market structure

Question 12

The early economy of the United States was marked by colonists who operated a society based primarily on

Accepted Answer

A)  manufacturing. 
B)  technology. 
C)  sweat shops. 
D)  information. 
E)  agriculture. 
A)  manufacturing. 
B)  technology. 
C)  sweat shops. 
D)  information. 
E)  agriculture.

Question 13

In the history of the American economy,the period or stage following the Industrial Revolution was known for its emphasis on

Accepted Answer

A)  service. 
B)  technology. 
C)  manufacturing. 
D)  agriculture. 
E)  information. 
A)  service. 
B)  technology. 
C)  manufacturing. 
D)  agriculture. 
E)  information.

Question 14

A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.

Accepted Answer

A) True 
 B)False

Question 15

In a socialist economic system,people are free to choose an occupation of their choice,but many people work in ___ jobs.

Accepted Answer

A)  self-employed 
B)  government 
C)  high-paying 
D)  poverty-wage 
E)  part-time 
A)  self-employed 
B)  government 
C)  high-paying 
D)  poverty-wage 
E)  part-time

Equal distribution of income and social services is also referred to as

Owners always manage their businesses.

Increased unemployment can reduce consumer demand for goods and services,leading to

The functions of organizing,staffing,planning,and controlling are most closely associated with

____ is often called the father of capitalism.

Advertising first made consumers aware of differences in products and prices in the marketing economy.

The function concerned with obtaining and managing money and using it effectively is called

What are the three questions that all economic systems must answer? Who answers them under a communist system? A socialist system? A capitalist system?

A product's equilibrium price is constantly changing in response to changes in economic conditions,availability of resources,and degree of competition.

____ is the primary goal of business.

___________ exists when there are many small businesses selling one standardized product.

The early economy of the United States was marked by colonists who operated a society based primarily on

In the history of the American economy,the period or stage following the Industrial Revolution was known for its emphasis on

A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.

In a socialist economic system,people are free to choose an occupation of their choice,but many people work in ___ jobs.

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

Equal distribution of income and social services is also referred to as

Owners always manage their businesses.

Increased unemployment can reduce consumer demand for goods and services,leading to

The functions of organizing,staffing,planning,and controlling are most closely associated with

____ is often called the father of capitalism.

Advertising first made consumers aware of differences in products and prices in the marketing economy.

The function concerned with obtaining and managing money and using it effectively is called

What are the three questions that all economic systems must answer? Who answers them under a communist system? A socialist system? A capitalist system?

A product's equilibrium price is constantly changing in response to changes in economic conditions,availability of resources,and degree of competition.

____ is the primary goal of business.

___________ exists when there are many small businesses selling one standardized product.

The early economy of the United States was marked by colonists who operated a society based primarily on

In the history of the American economy,the period or stage following the Industrial Revolution was known for its emphasis on

A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.

In a socialist economic system,people are free to choose an occupation of their choice,but many people work in ___ jobs.

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