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Exam 1: Exploring the World of Business and Economics

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Question 31

Multiple Choice

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The work performed to produce goods and services is referred to as

A) land.
B) financial resources.
C) material resources.
D) capital goods.
E) labor.

F) B) and D)
G) B) and E)

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Question 32

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As the founder of an American business firm,Peter Jenkins can,within certain limits,produce and/or sell any product he chooses and sell it at any price it sets.

A) True
B) False

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Question 33

Multiple Choice

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Stephanie would like to study abroad for a year before graduating from college.She would like to live someplace that is close to her native country of Ireland in terms of development because she will need to use the Internet for many of her classes.She can choose from programs in three countries.What could she use to measure the economic performance of the three countries?

During the peak or prosperity stage of a nation's business cycle,businesses are reluctant to offer new products and services.

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

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

The economic term used to describe the government's influence on savings and changing the levels of government spending is

Stella and Matt went to the mall.While there they passed a Vans store,Nike's store,New Balance store,and Adidas store.Matt commented that there was really a large number of sellers and noted that there seemed to be many buyers as well.What kind of market competition is represented by these stores?

____ resources are the individuals who provide labor for an organization in exchange for wages.

During which phase do high unemployment rates decline and levels of income increase?

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

The ultimate objective of every firm,such as Apple and Starbucks,must be to

For a Pepperidge Farm production facility,managers and employees would be

Home Inspirations Mary 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,Mary plans on taking over the business.Mary 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.Mary 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.Mary 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.Mary noticed that when sales were up,the economy was in a

The U.S.business system is commonly referred to as a mixed economy.

Monopolistic competition is a market situation in which

The concept of sustainability focuses on which of the following?

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

When the U.S.government spends more than it receives within a fiscal year,this is called the

Chris 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