Question 1

Discuss the fiscal and monetary goals of a stabilization policy.

Accepted Answer

Fiscal policy and monetary policy make u

Question 2

When making decisions about production and allocation,which type of system depends on individual producers and consumers to create a combination of supply and demand?

Accepted Answer

A)  Planned economy 
B)  Communism 
C)  Private economy 
D)  Market economy 
E)  Socialism 
A)  Planned economy 
B)  Communism 
C)  Private economy 
D)  Market economy 
E)  Socialism

Question 3

Which term refers to the pattern of short-term ups and downs in an economy?

Accepted Answer

A)  Aggregate output 
B)  Business cycle 
C)  Standard of living 
D)  Balance of payments 
E)  Demand and supply schedule 
A)  Aggregate output 
B)  Business cycle 
C)  Standard of living 
D)  Balance of payments 
E)  Demand and supply schedule

Question 4

Physical resources include the data and other information used by businesses.

Accepted Answer

A) True 
 B)False

Question 5

Describe the role of information resources in business.

Accepted Answer

The production of tangible goods once do

Question 6

What are the benefits of business for society?

Accepted Answer

Businesses produce most of the goods and

Question 7

What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal?

Accepted Answer

A)  The going rate 
B)  The margin rate 
C)  The market price 
D)  The optimum price 
E)  The cost price 
A)  The going rate 
B)  The margin rate 
C)  The market price 
D)  The optimum price 
E)  The cost price

Question 8

What is the environment where a firm conducts its operations and derives its revenues known as?

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 9

The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?

Accepted Answer

A)  Market economy 
B)  Socialist based economy 
C)  Mixed market economy 
D)  Capitalist market economy 
E)  Communist based economy 
A)  Market economy 
B)  Socialist based economy 
C)  Mixed market economy 
D)  Capitalist market economy 
E)  Communist based economy

Question 10

What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?

Accepted Answer

A)  Unemployment 
B)  Stability 
C)  Deflation 
D)  Inflation 
E)  Oversupply 
A)  Unemployment 
B)  Stability 
C)  Deflation 
D)  Inflation 
E)  Oversupply

Question 11

When a new product has high demand in the market,how should a company react?

Accepted Answer

A)  Increase the supply of the product 
B)  Decrease the supply of the product 
C)  Reduce the price of the product 
D)  Maintain the current supply until demand falls 
E)  Create an artificial shortage of the product 
A)  Increase the supply of the product 
B)  Decrease the supply of the product 
C)  Reduce the price of the product 
D)  Maintain the current supply until demand falls 
E)  Create an artificial shortage of the product

Question 12

What is the economic condition characterized by widespread increased prices without increased purchasing power?

Accepted Answer

A)  Unemployment 
B)  Inflation 
C)  Expansion 
D)  Deflation 
E)  Recession 
A)  Unemployment 
B)  Inflation 
C)  Expansion 
D)  Deflation 
E)  Recession

Question 13

Aggregate output refers to a company's annual production of goods or services.

Accepted Answer

A) True 
 B)False

Question 14

Which is the BEST explanation for why standard of living only increases through productivity?

Accepted Answer

A)  The more goods that are available, the lower prices will be. 
B)  More goods are available without having to come by additional resources. 
C)  Productivity increases the money supply in an economy. 
D)  Purchasing power increases when there is more consumer choice. 
E)  Prices are determined by the standard of living. 
A)  The more goods that are available, the lower prices will be. 
B)  More goods are available without having to come by additional resources. 
C)  Productivity increases the money supply in an economy. 
D)  Purchasing power increases when there is more consumer choice. 
E)  Prices are determined by the standard of living.

Question 15

Who is the person who accepts the risks and opportunities inherent in a new business opportunity?

Accepted Answer

A)  Capital managers 
B)  Entrepreneurs 
C)  Human resources 
D)  Home country economic systems managers 
E)  Information technology managers 
A)  Capital managers 
B)  Entrepreneurs 
C)  Human resources 
D)  Home country economic systems managers 
E)  Information technology managers

Question 16

The primary measure of growth in the business cycle is inflation.

Accepted Answer

A) True 
 B)False

Question 17

Compare a sociocultural environment to an economic environment.

Accepted Answer

The sociocultural environment includes t

Question 18

The point at which the supply curve and the demand curve intersect is the market price.

Accepted Answer

A) True 
 B)False

Question 19

If productivity increases,prices charged to consumers will tend to increase as well.

Accepted Answer

A) True 
 B)False

Question 20

Why is gross national product (GNP)considered to be a less valuable indicator of domestic economic performance than gross domestic product (GDP)?

Accepted Answer

A)  GNP does not consider where the economic performance was located. 
B)  GNP only considers economic performance within the United States. 
C)  GNP is not adjusted for inflation. 
D)  GNP does not consider currency fluctuations at the time of product purchase. 
E)  GNP does not compare output to population rates. 
A)  GNP does not consider where the economic performance was located. 
B)  GNP only considers economic performance within the United States. 
C)  GNP is not adjusted for inflation. 
D)  GNP does not consider currency fluctuations at the time of product purchase. 
E)  GNP does not compare output to population rates.

Discuss the fiscal and monetary goals of a stabilization policy.

When making decisions about production and allocation,which type of system depends on individual producers and consumers to create a combination of supply and demand?

Which term refers to the pattern of short-term ups and downs in an economy?

Physical resources include the data and other information used by businesses.

Describe the role of information resources in business.

What are the benefits of business for society?

What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal?

What is the environment where a firm conducts its operations and derives its revenues known as?

The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?

What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?

When a new product has high demand in the market,how should a company react?

What is the economic condition characterized by widespread increased prices without increased purchasing power?

Aggregate output refers to a company's annual production of goods or services.

Which is the BEST explanation for why standard of living only increases through productivity?

Who is the person who accepts the risks and opportunities inherent in a new business opportunity?

The primary measure of growth in the business cycle is inflation.

Compare a sociocultural environment to an economic environment.

The point at which the supply curve and the demand curve intersect is the market price.

If productivity increases,prices charged to consumers will tend to increase as well.

Why is gross national product (GNP)considered to be a less valuable indicator of domestic economic performance than gross domestic product (GDP)?

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

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Exam 1: The US Business Environment

Discuss the fiscal and monetary goals of a stabilization policy.

When making decisions about production and allocation,which type of system depends on individual producers and consumers to create a combination of supply and demand?

Which term refers to the pattern of short-term ups and downs in an economy?

Physical resources include the data and other information used by businesses.

Describe the role of information resources in business.

What are the benefits of business for society?

What is the price at which the quantity of goods demanded and the quantity of goods supplied are equal?

What is the environment where a firm conducts its operations and derives its revenues known as?

The idea that individuals would contribute according to their abilities and receive benefits according to their needs supports which type of economy?

What is the condition in an economic system in which the amount of money available and the number of goods and services produced are growing at about the same rate?

When a new product has high demand in the market,how should a company react?

What is the economic condition characterized by widespread increased prices without increased purchasing power?

Aggregate output refers to a company's annual production of goods or services.

Which is the BEST explanation for why standard of living only increases through productivity?

Who is the person who accepts the risks and opportunities inherent in a new business opportunity?

The primary measure of growth in the business cycle is inflation.

Compare a sociocultural environment to an economic environment.

The point at which the supply curve and the demand curve intersect is the market price.

If productivity increases,prices charged to consumers will tend to increase as well.

Why is gross national product (GNP)considered to be a less valuable indicator of domestic economic performance than gross domestic product (GDP)?

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