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Exam 1: Introduction to Business

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Question 91

Multiple Choice

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____ is the study of how wealth is created and distributed.

A) Economics
B) Business
C) Marketing
D) Capitalism
E) Finance

F) None of the above
G) B) and C)

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Question 92

True/False

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After getting her bachelor's degree in business, Mary Wilson realised she was much more productive at her job than she had been before.Mary's degree helped her to become a better employee.

A) True
B) False

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Question 93

Multiple Choice

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Which of the following is false in regard to the unemployment rate?

The term stakeholders refers only to the people who have invested money in a business.

Perfect competition is characterised by

In a communist country such as Cuba, emphasis is placed on producing what type of goods?

The rivalry among businesses for sales to potential customers

As the price of a product increases, the amount of the product that consumers purchase increases.

What resource tells the managers of a business how effectively the other three resources are being combined and used?

Steve Wilson, a chef at a major restaurant in San Francisco, wants to start his own restaurant.He surveys the market, finds a suitable location, and calculates how much money he will need to lease the building and purchase the necessary equipment and supplies.Steve visits his banker and requests a loan.The money Steve will receive from the loan and the resources he will purchase with it are known as

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

Households provide all of the following resources to businesses except

A business provides goods and services in exchange for sales revenues.

A market economy is sometimes referred to as a command economy.

The nationalisation of key industries in countries such as Sweden and India is indicative of a(n) ____ economy.

The recurrence of periods of growth and recession in a nation's economic activity is a depression.

An executive at a 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

Satellite Communications Jonathan worked for Satellite Communications for twenty years.In the time that he worked there, he learned a lot about the company and how it operated.The company met its sales and revenue goals every year.However, most of the employees had similar educational and cultural backgrounds.He believed that the company could do much better if it cultivated an environment that promoted many different ideas.Additionally, Satellite Communications was mostly focused on how much revenue it earned in a given year.Jonathan felt that the most important goal should be to satisfy customers.He believed financial success would result from focusing on customers. After a lot of consideration, Jonathan decided to open his own business called Universal Communications and hire employees that reflected a more diverse customer base.He was happy to have this opportunity because it was a dream that he had always had.He had always wanted to make his own decisions about what his company would produce and how.The only aspect of the business he was unsure of was pricing, yet he knew this would be important for his ultimate success. -Refer to Satellite Communications.Jonathan's success will contribute to society.This is referred to as the

Which of the following is uncharacteristic of a socialist economy?

Online interaction that allows individuals as well as businesses to share ideas, personal information, and information about products and services is defined as