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Exam 1: Exploring the World of Business and Economics

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Question 81

Multiple Choice

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Examples of command economies include

A) socialism and free enterprise.
B) capitalism and socialism.
C) socialism and market economy.
D) communism and capitalism.
E) socialism and communism.

F) A) and B)
G) A) and C)

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Question 82

Multiple Choice

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The system in which raw materials are distributed by entrepreneurs to homes in which family members process those materials into finished products is referred to as

A) the factory system.
B) an apprenticeship.
C) specialization.
D) free enterprise.
E) the domestic system.

F) C) and D)
G) D) and E)

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Question 83

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Describe how supply and demand affect the price of a product.

Olan Okowo recently moved to the United States with many hopes and dreams. However, he realizes that economic freedom includes all of the following except the right to

A natural resource, as recognized by economists, would include which of the following?

Which of the following is not a characterization of a depression?

All of the following except ____ are effects felt by individuals in regard to the health of a nation's economy.

An oligopoly is a market situation in which there is one producer and a few large buyers.

A legal monopoly is also referred to as a(n)

Home Inspirations Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s. When her father retires, Hailey plans on taking over the business. Hailey is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good. Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task. She believes that if production would increase, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the Internet. Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company. -Refer to Home Inspirations. Home Inspirations currently operates in a ____ environment.

As the price of a product increases, the amount of the product that a producer is willing to supply increases.

During which phase of the business cycle would a company like Sony introduce new products?

Microeconomics is the study of

Real gross domestic product is an economic measure that has been adjusted for price increases of goods and services during a given period of time.

Home Inspirations Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s. When her father retires, Hailey plans on taking over the business. Hailey is aware of many things about the company that she likes, and a few things that she does not. She has particularly noted that when the economy has low unemployment and high total income, sales are great. However, any other time, sales are not so good. Currently, all of the bedding items are created in one place and everyone works on various tasks every day. Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task. She believes that if production would increase, she could sell her products at a lower price and increase revenue. She knows that most bedding products available in the market are very similar in nature and satisfy the same need. However, if she were able to lower prices, this might give her company the competitive advantage that it needs. She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery. She is also considering selling her products on the Internet. Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company. -Refer to Home Inspirations. Hailey noticed that when sales were up, the economy was in a

Which of the following issues will not be a challenge for our economy in the years to come?

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

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

Randall Newman distributes rawhide to several different homes. In turn, each household produces a product such as satchels, belts, shoes, and boots, and then Randall sells the finished goods. This represents a(n)

Monopolistic competition is a market situation in which