FiltersDone

Question type

Essay

Multiple Choice

Short Answer

True False

Matching

Exam 1: Exploring the World of Business and Economics

Show Answer

Share

---

All types

Filters

Study Flashcards

Question 121

True/False

Review LaterAdd Note

Review Later

When a business distributes profits to business owners, these profits become household income and are removed from the circular flow of the economy.

A) True
B) False

Correct Answer

verified

Show Answer

Question 122

Multiple Choice

Review LaterAdd Note

Review Later

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 both how and what his company would produce.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.When hiring people, which of the following does Jonathan think is most important to consider?

A) Unilateral thinking
B) Profit
C) Wage increases
D) Health benefits
E) Cultural diversity

F) B) and D)
G) All of the above

Correct Answer

verified

Show Answer

Question 123

True/False

Review LaterAdd Note

Generally, there are three types of businesses-manufacturing businesses, service businesses, and marketing intermediaries.

An executive at a U.S.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

The day after General Motors offered 2.9 percent financing on three-year loans for all GM cars, Ford and Chrysler began making their own financing offers.These businesses

In your own words, describe four reasons why someone should study business.

The study of an individual's economic decisions would be an example of ____.

In Adam Smith's view, which of the following is not the role of government in business?

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

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

For firms like Target and Wal-Mart, competition

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 both how and what his company would produce.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 is operating in a ____ because he has the opportunity to decide what to produce and how to produce it.

At the end of the year, the Walt Disney Company has a profit of $920 million.This profit belongs to which of the following groups?

For the U.S.government to provide services, it collects revenue