Question 1

Macroeconomics is the study of the economic choices made by individual
consumers or businesses.

Accepted Answer

A) True 
 B)False

Question 2

In theory, a _____ economy is one in which the government owns all or most enterprises.

Accepted Answer

A) free market 
B) communist 
C) financial 
D) socialist 
A) free market 
B) communist 
C) financial 
D) socialist

Question 3

During periods of _____ money, interest rates are down, it's cheaper to borrow money, and banks are more willing to make loans.

Accepted Answer

A) funny 
B) expensive 
C) inexpensive 
D) tangible 
A) funny 
B) expensive 
C) inexpensive 
D) tangible

Question 4

When we plot a supply curve and a demand curve for apples on one graph, the point at which the two points intersect is the _____.

Accepted Answer

A) stable price 
B) consumer price index 
C) equilibrium price 
D) gross product 
A) stable price 
B) consumer price index 
C) equilibrium price 
D) gross product

Question 5

The unemployment rate is the percentage of the labor force that is underemployed and no longer looking for work.

Accepted Answer

A) True 
 B)False

Question 6

_____ is the study of the production, distribution and consumption of goods and services.

Accepted Answer

A) Marketing 
B) Economics 
C) Inflation 
D) Consumerism 
A) Marketing 
B) Economics 
C) Inflation 
D) Consumerism

Question 7

For assessing the strength of the housing market, _____ is often a good indicator.

Accepted Answer

A) inflation 
B) building permits 
C) CPI 
D) monetary policy 
A) inflation 
B) building permits 
C) CPI 
D) monetary policy

Question 8

In researching the quantity of medicines that customers are willing to purchase at various prices, New Age management will actually be researching demand.

Accepted Answer

A) True 
 B)False

Question 9

Having plotted both the supply curve and the demand curve for a drug on one graph, New Age executives can determine its equilibrium price.At this point, all patients will be equally able to pay for the drug regardless of the quantity supplied by the company.

Accepted Answer

A) True 
 B)False

Question 10

A monopoly exists when there is only one seller in the market.

Accepted Answer

A) True 
 B)False

Question 11

What does perfect competition mean?

Accepted Answer

Perfect competition exists when there ar

Question 12

A budget deficit occurs when the government spends more than it takes in.

Accepted Answer

A) True 
 B)False

Question 13

Published by a private research firm called the Conference Board, the _____ is a measure that combines all useful economic indicators.

Accepted Answer

A) leading economic report 
B) fiscal policy formula 
C) CNNMoney report 
D) U.S.leading index 
A) leading economic report 
B) fiscal policy formula 
C) CNNMoney report 
D) U.S.leading index

Question 14

Fiscal policy relies on the government's powers of _____.

Accepted Answer

A) taxation 
B) investment 
C) regulation 
D) all of these 
A) taxation 
B) investment 
C) regulation 
D) all of these

Question 15

One of the primary roles of management is investing money back into the business.

Accepted Answer

A) True 
 B)False

Question 16

When sellers supply more of the product than buyers are willing to purchase, a shortage is created.

Accepted Answer

A) True 
 B)False

Question 17

_____ refers to the quantity of a product that buyers are willing to purchase at various prices.

Accepted Answer

A) equilibrium 
B) supply 
C) competition 
D) demand 
A) equilibrium 
B) supply 
C) competition 
D) demand

Question 18

When a fast-food chain responds to environmental concerns by eliminating Styrofoam containers, it shows a desire to be a ______.

Accepted Answer

A) resource manager 
B) free enterprise producer 
C) good corporate citizen 
D) consumer advocate 
A) resource manager 
B) free enterprise producer 
C) good corporate citizen 
D) consumer advocate

Question 19

Generally speaking, economic systems can be divided into planned and free market systems.

Accepted Answer

A) True 
 B)False

Question 20

If the Fed believes that inflation is a problem, it will (select one):

Accepted Answer

A) take actions to reduce interest rates 
B) bring about an increase in interest rates 
C) do nothing because it believes the government should try to regulate the economy 
D) increase its level of spending 
A) take actions to reduce interest rates 
B) bring about an increase in interest rates 
C) do nothing because it believes the government should try to regulate the economy 
D) increase its level of spending

Macroeconomics is the study of the economic choices made by individual consumers or businesses.

In theory, a _____ economy is one in which the government owns all or most enterprises.

During periods of _____ money, interest rates are down, it's cheaper to borrow money, and banks are more willing to make loans.

When we plot a supply curve and a demand curve for apples on one graph, the point at which the two points intersect is the _____.

The unemployment rate is the percentage of the labor force that is underemployed and no longer looking for work.

_____ is the study of the production, distribution and consumption of goods and services.

For assessing the strength of the housing market, _____ is often a good indicator.

In researching the quantity of medicines that customers are willing to purchase at various prices, New Age management will actually be researching demand.

Having plotted both the supply curve and the demand curve for a drug on one graph, New Age executives can determine its equilibrium price.At this point, all patients will be equally able to pay for the drug regardless of the quantity supplied by the company.

A monopoly exists when there is only one seller in the market.

What does perfect competition mean?

A budget deficit occurs when the government spends more than it takes in.

Published by a private research firm called the Conference Board, the _____ is a measure that combines all useful economic indicators.

Fiscal policy relies on the government's powers of _____.

One of the primary roles of management is investing money back into the business.

When sellers supply more of the product than buyers are willing to purchase, a shortage is created.

_____ refers to the quantity of a product that buyers are willing to purchase at various prices.

When a fast-food chain responds to environmental concerns by eliminating Styrofoam containers, it shows a desire to be a ______.

Generally speaking, economic systems can be divided into planned and free market systems.

If the Fed believes that inflation is a problem, it will (select one):

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters

Exam 1: The Foundations of Business

Macroeconomics is the study of the economic choices made by individual consumers or businesses.

In theory, a _____ economy is one in which the government owns all or most enterprises.

During periods of _____ money, interest rates are down, it's cheaper to borrow money, and banks are more willing to make loans.

When we plot a supply curve and a demand curve for apples on one graph, the point at which the two points intersect is the _____.

The unemployment rate is the percentage of the labor force that is underemployed and no longer looking for work.

_____ is the study of the production, distribution and consumption of goods and services.

For assessing the strength of the housing market, _____ is often a good indicator.

In researching the quantity of medicines that customers are willing to purchase at various prices, New Age management will actually be researching demand.

Having plotted both the supply curve and the demand curve for a drug on one graph, New Age executives can determine its equilibrium price.At this point, all patients will be equally able to pay for the drug regardless of the quantity supplied by the company.

A monopoly exists when there is only one seller in the market.

What does perfect competition mean?

A budget deficit occurs when the government spends more than it takes in.

Published by a private research firm called the Conference Board, the _____ is a measure that combines all useful economic indicators.

Fiscal policy relies on the government's powers of _____.

One of the primary roles of management is investing money back into the business.

When sellers supply more of the product than buyers are willing to purchase, a shortage is created.

_____ refers to the quantity of a product that buyers are willing to purchase at various prices.

When a fast-food chain responds to environmental concerns by eliminating Styrofoam containers, it shows a desire to be a ______.

Generally speaking, economic systems can be divided into planned and free market systems.

If the Fed believes that inflation is a problem, it will (select one):

Entrepreneurship

Selecting a Form of Business Ownership

Business Ethics and Social Responsibility

Managing for Business Success

Recruiting, Motivating, and Keeping Quality Employees

Product Design and Development

Operations Management in Manufacturing and Service Industries

Business in a Global Environment

Marketing: Providing Value to Customers

Operating in a Digital Marketing and Social Networking

The Role of Accounting in Business

Managing Financial Resources

Teamwork and Communications

Personal Finances

Managing Information and Technology

The Legal and Regulatory Environment of Business

Filters