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Exam 1: Exploring the World of Business and Economics

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Question 101

True/False

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

A) True
B) False

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Question 102

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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) None of the above
G) A) and B)

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Question 103

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How does socialism differ from communism?

Nautilus,Inc.,which manufactures total strength training systems for home use,obtained a patent on its power rods.Nautilus has a(n) ____ for this product.

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

The consumer price index (CPI)and the producer price index (PPI)actually measure the same economic factors.

Henry Spring,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.Henry visits his banker and requests a loan.The money Henry will receive from the loan and the resources he will purchase with it are known as

Boeing,Airbus,Bombardier Aerospace,and Cessna are among the ten manufacturers and sellers of business jets.Because the production of jets requires a sizeable investment,it is difficult to enter this market and the sellers are quite large.Which of the following best describes the market or industry situation in which these companies operate?

Although changes have occurred over the years,____ is historically considered to have a communist economy.

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

What three activities must a business perform in order to be successful? Briefly describe each of these and why each is essential to business success.

Adam Smith argued that the creation of wealth is a proper concern of government.

The national debt in the United States is about $1.1 trillion.

Increased competition from firms in other nations is an example of the

As Veronica Janneck and her friends prepare to graduate from college,they are faced with numerous job offers with starting salaries better than they could have imagined when they began college four years ago.Based on this information,which stage of the business cycle would the economy be in?

The United States,whose economy exhibits elements of both capitalism and socialism,has what is known as a(n) ____ economy.

The economic term used to describe the Federal Reserve's actions to determine the size of the supply of money in the nation and the level of interest rates is

Basically,there are four recognized degrees of competition: perfect competition,monopolistic competition,oligopoly,and monopoly.

Microeconomics is the study of

Satellite Communications??Steven 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.Steven 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,Steven 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.Steven is operating in a ____ because he has the opportunity to decide what and how to do things.