Question 1

Anthony chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work.Anthony seems to value

Accepted Answer

A)   recognition and rewards.
B)   the opportunity to help others.
C)   promotions and transfers.
D)   more free time.
E)   get-rich-quick schemes.F) A) and B)
G) None of the above

Question 2

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Accepted Answer

A) True 
 B)False

Question 3

United Airlines traded eight 747s for twelve DC-10s owned by Delta Airlines.This transaction is an example of

Accepted Answer

A)   barter.
B)   ancient trading.
C)   the domestic system.
D)   the factory system.
E)   an unequal exchange of goods.F) A) and B)
G) B) and D)

Question 4

What is the difference between monetary policies and fiscal policies? How does each affect the nation's economy?

Accepted Answer

Monetary policies are the Federal Reserv...

Question 5

If all leading corporations in the soft-drink industry merged,this would

Accepted Answer

A)   encourage pure competition.
B)   encourage monopolistic competition.
C)   lead to an oligopoly.
D)   create a limited monopoly.
E)   create a monopoly.F) A) and B)
G) C) and E)

Question 6

During the 1930s,government became deeply involved in business for the first time.

Accepted Answer

A) True 
 B)False

Question 7

A depression is a severe recession that lasts longer than a recession.

Accepted Answer

A) True 
 B)False

Question 8

For firms like Apple and Samsung,competition

Accepted Answer

A)   is not a factor that must be considered in a free-market economy.
B)   affects smaller businesses but not large chain operations.
C)   affects larger chain operations but not smaller businesses.
D)   is a rivalry among businesses for sales to potential customers.
E)   is a problem that has been eliminated in the twenty-first century.F) A) and B)
G) C) and E)

Question 9

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease.What will likely result from this new information?

Accepted Answer

A)   The demand for fish will decrease.
B)   The supply of fish will decrease,causing a decrease in the price.
C)   The demand for fish will increase at every price.
D)   The demand for fish will decrease at every price.
E)   The demand for fish will likely remain the same,but the market price will adjust.F) C) and D)
G) All of the above

Question 10

During which stage of the business cycle would a company such as 3M begin to focus on being more value conscious in its production decisions?

Accepted Answer

A)   Depression
B)   Peak
C)   Recession
D)   Trough
E)   RecoveryF) B) and D)
G) A) and B)

Question 11

Deflation

Accepted Answer

A)   is a typical economic event in the U.S.economy.
B)   is scheduled by the nation's economists to make economic corrections.
C)   occurs only in command economies.
D)   is a general decrease in the level of prices.
E)   is characteristic of a mixed economy.F) A) and D)
G) A) and E)

Question 12

The current technology environment

Accepted Answer

A)   is not as important as it was fifteen years ago.
B)   does not affect manufacturing firms.
C)   changes the way business firms communicate with customers.
D)   doesn't change as often as it did fifteen years ago.
E)   is not a concern for most firms that do business only in the United States.F) A) and B)
G) All of the above

Question 13

In France,income taxes are reduced so that individuals will have more income to spend,which in turn will stimulate the economy.This is an example of

Accepted Answer

A)   the business cycle.
B)   economic stimulation.
C)   monetary policy.
D)   recession.
E)   fiscal policy.F) C) and D)
G) A) and B)

Question 14

Specialization is meant to increase the efficiency of industrial workers.

Accepted Answer

A) True 
 B)False

Question 15

People buy goods and services simply to own them.

Accepted Answer

A) True 
 B)False

Question 16

Consumers exchange tax money to purchase goods and services.

Accepted Answer

A) True 
 B)False

Question 17

John owns stock in ABC,Inc.Mary is an employee of ABC,Inc.D'Shawn uses the products sold by ABC,Inc.Pham and Alexis are on the board of directors of ABC,Inc.Winifred lives in a housing tract adjacent to the ABC,Inc.factory.Which of the following best describes the roles of these individuals as they relate to ABC,Inc.?

Accepted Answer

A)   Each of these individuals is a stakeholder of ABC,Inc.
B)   John,Mary,Pham,and Alexis are affected by the policies,decisions,and activities of ABC,Inc.,but Winifred and D'Shawn are not.
C)   Only Pham and Alexis are stakeholders in ABC,Inc.,because they are on the board of directors.
D)   All but Winifred are stakeholders in ABC,Inc.E) None of the above
F) B) and C)

Question 18

What is profit and why is it important to a business?

Accepted Answer

Profit is what remains after all busines...

Question 19

The gross domestic product (GDP) of Sweden is $498.1 billion (2016 est.) ,with a real GDP growth rate of 3.6% (2016 est.) ,and GDP per capita of $49,700 (2016 est.) .The GDP of Poland is $1.052 trillion (2016 est.) ,with a real GDP growth rate of 3.1% (2016 est.) ,and GDP per capita of $27,700 (2016 est.) .The GDP of Botswana is $36.51 billion (2016 est.) ,with a real GDP growth rate of 3.1% (2016 est.) ,and GDP per capita of $16,900 (2016 est.) .When comparing the gross domestic product (GDP) numbers of these three nations,which of the following conclusions would be appropriate?

Accepted Answer

A)   Of the three nations,Sweden has the lowest growth rate with the other two nations tied for second place.
B)   While Poland has a higher GDP,individuals in Sweden produce more per capita and Botswana produces less per capita and has the lowest GDP of the three nations.
C)   Of the three nations,Botswana produces the least per capita with Poland second and Sweden the most.
D)   These three nations have roughly the same GDP figures.E) B) and C)
F) A) and B)

Question 20

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

Accepted Answer

A)   Goods needed by the government
B)   Consumer goods
C)   Goods for export
D)   Perishable goods such as food
E)   Durable goods such as machineryF) B) and C)
G) A) and B)

Exam 1: Exploring the World of Business and Economics

Anthony chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work.Anthony seems to value

Correct Answer
verified

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease.What will likely result from this new information?

Correct Answer
verified

Deflation

Correct Answer
verified

For firms like Apple and Samsung,competition

Correct Answer
verified

What is the difference between monetary policies and fiscal policies? How does each affect the nation's economy?

Correct Answer
verified
Monetary policies are the Federal Reserv...
View Answer

During which stage of the business cycle would a company such as 3M begin to focus on being more value conscious in its production decisions?

Correct Answer
verified

People buy goods and services simply to own them.

Correct Answer
verified

What is profit and why is it important to a business?

Correct Answer
verified
Profit is what remains after all busines...
View Answer

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Correct Answer
verified

If all leading corporations in the soft-drink industry merged,this would

Correct Answer
verified

In France,income taxes are reduced so that individuals will have more income to spend,which in turn will stimulate the economy.This is an example of

Correct Answer
verified

The current technology environment

Correct Answer
verified

A depression is a severe recession that lasts longer than a recession.

Correct Answer
verified

Specialization is meant to increase the efficiency of industrial workers.

Correct Answer
verified

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

Correct Answer
verified

Consumers exchange tax money to purchase goods and services.

Correct Answer
verified

Correct Answer
verified

During the 1930s,government became deeply involved in business for the first time.

Correct Answer
verified

Correct Answer
verified

United Airlines traded eight 747s for twelve DC-10s owned by Delta Airlines.This transaction is an example of

Correct Answer
verified

Exam 1: Exploring the World of Business and Economics

Anthony chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work.Anthony seems to value

Correct AnswerverifiedShow Answer

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease.What will likely result from this new information?

Correct AnswerverifiedShow Answer

Deflation

Correct AnswerverifiedShow Answer

For firms like Apple and Samsung,competition

Correct AnswerverifiedShow Answer

What is the difference between monetary policies and fiscal policies? How does each affect the nation's economy?

Correct AnswerverifiedMonetary policies are the Federal Reserv...View AnswerShow Answer

During which stage of the business cycle would a company such as 3M begin to focus on being more value conscious in its production decisions?

Correct AnswerverifiedShow Answer

People buy goods and services simply to own them.

Correct AnswerverifiedShow Answer

What is profit and why is it important to a business?

Correct AnswerverifiedProfit is what remains after all busines...View AnswerShow Answer

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Correct AnswerverifiedShow Answer

If all leading corporations in the soft-drink industry merged,this would

Correct AnswerverifiedShow Answer

In France,income taxes are reduced so that individuals will have more income to spend,which in turn will stimulate the economy.This is an example of

Correct AnswerverifiedShow Answer

The current technology environment

Correct AnswerverifiedShow Answer

A depression is a severe recession that lasts longer than a recession.

Correct AnswerverifiedShow Answer

Specialization is meant to increase the efficiency of industrial workers.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Consumers exchange tax money to purchase goods and services.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

During the 1930s,government became deeply involved in business for the first time.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

United Airlines traded eight 747s for twelve DC-10s owned by Delta Airlines.This transaction is an example of

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Monetary policies are the Federal Reserv...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Profit is what remains after all busines...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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