Question 1

What type of economy is the United States reflective of?

Accepted Answer

A)  Planned 
B)  Mixed 
C)  Market 
D)  Private 
E)  Socialist 
A)  Planned 
B)  Mixed 
C)  Market 
D)  Private 
E)  Socialist

Question 2

What factor of production is used to generate forecasts based on specialized knowledge and economic data?

Accepted Answer

A)  Economic resources 
B)  Labor 
C)  Information resources 
D)  Entrepreneurs 
E)  Physical resources 
A)  Economic resources 
B)  Labor 
C)  Information resources 
D)  Entrepreneurs 
E)  Physical resources

Question 3

National economies,regardless of industry,are measured through what?

Accepted Answer

A)  Standard of living 
B)  Aggregate output 
C)  Gross national product 
D)  Output per capita 
E)  Inflation rates 
A)  Standard of living 
B)  Aggregate output 
C)  Gross national product 
D)  Output per capita 
E)  Inflation rates

Question 4

In a market economy,there is a centralized government that controls factors of production and decision making.

Accepted Answer

A) True 
 B)False

Question 5

What is the term used to describe a market condition where buyers are able to satisfy the demand of the consumer,yet have some product remain unsold?

Accepted Answer

A)  Surplus 
B)  Stoppage 
C)  Shortage 
D)  Demand deficit 
E)  Equilibrium price 
A)  Surplus 
B)  Stoppage 
C)  Shortage 
D)  Demand deficit 
E)  Equilibrium price

Question 6

In perfect competition,which of the following conditions must prevail?

Accepted Answer

A)  All firms must adhere to cost and pricing standards. 
B)  The number of firms in the industry must be limited. 
C)  A single firm is able to influence the price of its product. 
D)  It is relatively difficult to enter the industry. 
E)  All firms in a given industry must be small. 
A)  All firms must adhere to cost and pricing standards. 
B)  The number of firms in the industry must be limited. 
C)  A single firm is able to influence the price of its product. 
D)  It is relatively difficult to enter the industry. 
E)  All firms in a given industry must be small.

Question 7

Discuss the balance of trade in the United States and how it affects debt.

Accepted Answer

A country's balance of trade is the econ

Question 8

In an oligopoly,when one firm reduces its prices,how do other sellers react?

Accepted Answer

A)  There is no reaction from other firms to change their prices. 
B)  Other firms reduce their prices also, usually quite quickly. 
C)  Other firms may reduce their prices, but usually gradually. 
D)  Other firms are not usually aware that price has changed. 
E)  There is a combined response from other firms to stabilize prices. 
A)  There is no reaction from other firms to change their prices. 
B)  Other firms reduce their prices also, usually quite quickly. 
C)  Other firms may reduce their prices, but usually gradually. 
D)  Other firms are not usually aware that price has changed. 
E)  There is a combined response from other firms to stabilize prices.

Question 9

Economic indicators help to assess the performance of an economy.

Accepted Answer

A) True 
 B)False

Question 10

Inflation results in increased purchasing power for the consumer.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following BEST describes what the consumer price index is used to indicate?

Accepted Answer

A)  The average wage rate for a given region 
B)  The economic performance of key consumer product companies 
C)  The changes in the cost of consumer products over time 
D)  The percentage of consumers in the total population looking for work 
E)  The number of price increases within a given period of time 
A)  The average wage rate for a given region 
B)  The economic performance of key consumer product companies 
C)  The changes in the cost of consumer products over time 
D)  The percentage of consumers in the total population looking for work 
E)  The number of price increases within a given period of time

Question 12

What is required for perfect competition to exist,and what principles must be in place to achieve those conditions?

Accepted Answer

For perfect competition to exist,two con

Question 13

What is the difference between an economic recession and an economic depression?

Accepted Answer

To determine whether an economy is going

Question 14

Factors such as international trade agreements,economic conditions,and political unrest will have the greatest impact on what type of business environment?

Accepted Answer

A)  Global business environment 
B)  Economic environment 
C)  Domestic business environment 
D)  Technological environment 
E)  Political-legal environment 
A)  Global business environment 
B)  Economic environment 
C)  Domestic business environment 
D)  Technological environment 
E)  Political-legal environment

Question 15

The government can influence the availability of capital through the use of the Federal Reserve System.

Accepted Answer

A) True 
 B)False

Question 16

What is profit?

Accepted Answer

A)  Total money taken in by a corporation 
B)  Increases in income from year to year 
C)  Increases in a corporation's stock price 
D)  Revenue generated by goods and services 
E)  Difference between revenues and expenses 
A)  Total money taken in by a corporation 
B)  Increases in income from year to year 
C)  Increases in a corporation's stock price 
D)  Revenue generated by goods and services 
E)  Difference between revenues and expenses

Question 17

How does unemployment affect economic stability?

Accepted Answer

Unemployment is the level of joblessness

Question 18

What can be used to determine relationships among different levels of demand and supply,based on price?

Accepted Answer

A)  Market economies 
B)  Degrees of competition 
C)  Surplus to shortage relationships 
D)  Demand and supply curves 
E)  Private enterprise competition 
A)  Market economies 
B)  Degrees of competition 
C)  Surplus to shortage relationships 
D)  Demand and supply curves 
E)  Private enterprise competition

Question 19

When economists measure gross national product,what is being measured within a specific time period,regardless of location?

Accepted Answer

A)  The aggregate output 
B)  The economic growth of the nation 
C)  The growth of domestic factors of production 
D)  The growth rate adjusted for inflation 
E)  The total value of all goods and services 
A)  The aggregate output 
B)  The economic growth of the nation 
C)  The growth of domestic factors of production 
D)  The growth rate adjusted for inflation 
E)  The total value of all goods and services

Question 20

Which of the following would lead some to become an entrepreneur and influence the choice of goods or services to produce?

Accepted Answer

A)  Competition 
B)  Profit 
C)  Degrees of competition 
D)  Government regulation 
E)  Monopolistic competition 
A)  Competition 
B)  Profit 
C)  Degrees of competition 
D)  Government regulation 
E)  Monopolistic competition

What type of economy is the United States reflective of?

What factor of production is used to generate forecasts based on specialized knowledge and economic data?

National economies,regardless of industry,are measured through what?

In a market economy,there is a centralized government that controls factors of production and decision making.

What is the term used to describe a market condition where buyers are able to satisfy the demand of the consumer,yet have some product remain unsold?

In perfect competition,which of the following conditions must prevail?

Discuss the balance of trade in the United States and how it affects debt.

In an oligopoly,when one firm reduces its prices,how do other sellers react?

Economic indicators help to assess the performance of an economy.

Inflation results in increased purchasing power for the consumer.

Which of the following BEST describes what the consumer price index is used to indicate?

What is required for perfect competition to exist,and what principles must be in place to achieve those conditions?

What is the difference between an economic recession and an economic depression?

Factors such as international trade agreements,economic conditions,and political unrest will have the greatest impact on what type of business environment?

The government can influence the availability of capital through the use of the Federal Reserve System.

What is profit?

How does unemployment affect economic stability?

What can be used to determine relationships among different levels of demand and supply,based on price?

When economists measure gross national product,what is being measured within a specific time period,regardless of location?

Which of the following would lead some to become an entrepreneur and influence the choice of goods or services to produce?

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters

Exam 1: The US Business Environment

What type of economy is the United States reflective of?

What factor of production is used to generate forecasts based on specialized knowledge and economic data?

National economies,regardless of industry,are measured through what?

In a market economy,there is a centralized government that controls factors of production and decision making.

What is the term used to describe a market condition where buyers are able to satisfy the demand of the consumer,yet have some product remain unsold?

In perfect competition,which of the following conditions must prevail?

Discuss the balance of trade in the United States and how it affects debt.

In an oligopoly,when one firm reduces its prices,how do other sellers react?

Economic indicators help to assess the performance of an economy.

Inflation results in increased purchasing power for the consumer.

Which of the following BEST describes what the consumer price index is used to indicate?

What is required for perfect competition to exist,and what principles must be in place to achieve those conditions?

What is the difference between an economic recession and an economic depression?

Factors such as international trade agreements,economic conditions,and political unrest will have the greatest impact on what type of business environment?

The government can influence the availability of capital through the use of the Federal Reserve System.

What is profit?

How does unemployment affect economic stability?

What can be used to determine relationships among different levels of demand and supply,based on price?

When economists measure gross national product,what is being measured within a specific time period,regardless of location?

Which of the following would lead some to become an entrepreneur and influence the choice of goods or services to produce?

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Developing and Pricing Products

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters