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Exam 1: Exploring the World of Business and Economics

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Question 81

True/False

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After getting her bachelor's degree in business,Brit Jackson realized she was much more productive at her job than she had been before.Brit's degree helped her to become a better employee.

A) True
B) False

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Question 82

Multiple Choice

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Shell and Valero are two of the relatively few sellers in the oil-refining industry.Due to the tremendous capital investment required to enter this industry,these companies are insulated significantly from the threat of new competitive entrants and thus have considerable control over price.This market situation is referred to as a(n)

A) cartel.
B) monopoly.
C) natural monopoly.
D) oligopoly.
E) trust.

F) B) and D)
G) A) and D)

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Question 83

Multiple Choice

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The rivalry among businesses for sales to potential customers

All of the following would typically be considered consumer products except a

During 2016,Just-the-One Jewelry had sales revenues of $1,500,000.This retailer also had expenses that totaled $800,000.What is the firm's profit or loss amount?

​In 1770,Thomas Pine I was a tobacco merchant in Virginia.In 2014,Thomas Pine VI,the descendant of Thomas Pine I,was a tobacco merchant in Virginia.In terms of the global competitive environment,which of the following is not a difference between the competitions faced by Thomas Pine I and Thomas Pine VI?

The production and operations manager at a large shoe factory in Lawrence,Massachusetts,notices that the total number of hours worked by production employees has increased 12 percent,while the number of pairs of shoes ready for shipping has dropped 6 percent this year over last year.This means

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

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's success will contribute to society.This is referred to as the

A furniture manufacturer like Thomasville would be concerned with the producer price index because it

Andrewand Timmy are neighbors.Andrew owns a boat but never uses it.Timmy owns a car that he no longer needs since his son left for college in another state.Andrew needs a car.Andrew and Timmy make an agreement to trade the boat for car.What is the economic term given to this kind of exchange?

Monetary policies exert the government's influence on the amount of savings and expenditures by altering the tax structure and changing the levels of government spending.

A copyright of a product exists indefinitely.

In your own words,describe what you have to offer to a potential employee of a company that you desire to work for.

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

The ability for a manager to think in abstract terms while envisioning the "big picture" falls into the category of _____,deemed an important management trait.

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

The consumer price index (CPI)

Explain how the notion of scarcity is related to personal as well as business decision making.

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