Question 1

The technological environment includes only electronics and telecommunications used to perform business activities.

Accepted Answer

A) True 
 B)False

Question 2

Why would a government MOST likely be concerned about its country carrying a trade deficit?

Accepted Answer

A)  A trade deficit means that the country's productivity is low. 
B)  A trade deficit means local companies do not have enough competition. 
C)  A trade deficit ties up money that could be used for economic growth. 
D)  A trade deficit decreases demand for goods overall. 
E)  A trade deficit means that consumers do not have enough purchasing power. 
A)  A trade deficit means that the country's productivity is low. 
B)  A trade deficit means local companies do not have enough competition. 
C)  A trade deficit ties up money that could be used for economic growth. 
D)  A trade deficit decreases demand for goods overall. 
E)  A trade deficit means that consumers do not have enough purchasing power.

Question 3

Which of the following represents the ownership of resources used in a private enterprise system?

Accepted Answer

A)  Freedom of choice 
B)  Private property rights 
C)  Increased profits 
D)  Limited competition 
E)  Perfect competition 
A)  Freedom of choice 
B)  Private property rights 
C)  Increased profits 
D)  Limited competition 
E)  Perfect competition

Question 4

Stabilization policy is made up of both monetary and fiscal policy.

Accepted Answer

A) True 
 B)False

Question 5

China functions as a communistic economy and political system.

Accepted Answer

A) True 
 B)False

Question 6

Which economic system emphasizes the private ownership of most factors of production?

Accepted Answer

A)  Socialism 
B)  Communism 
C)  Capitalism 
D)  Marxism 
E)  Federalism 
A)  Socialism 
B)  Communism 
C)  Capitalism 
D)  Marxism 
E)  Federalism

Question 7

What term denotes a nation's basis for allocating its resources among its citizens?

Accepted Answer

A)  Capital structure 
B)  Economic system 
C)  Ownership processes 
D)  Distribution network 
E)  National regulations 
A)  Capital structure 
B)  Economic system 
C)  Ownership processes 
D)  Distribution network 
E)  National regulations

Question 8

How does monopolistic competition differ from perfect competition?

Accepted Answer

A)  There are more sellers in a market characterized by monopolistic competition. 
B)  It is easier for sellers to enter a market or industry characterized by monopolistic competition. 
C)  In a perfectly competitive market, products are more dissimilar. 
D)  In a market characterized by monopolistic competition, individual firms have some control over price. 
E)  In a perfectly competitive market, the size of the firms must be large. 
A)  There are more sellers in a market characterized by monopolistic competition. 
B)  It is easier for sellers to enter a market or industry characterized by monopolistic competition. 
C)  In a perfectly competitive market, products are more dissimilar. 
D)  In a market characterized by monopolistic competition, individual firms have some control over price. 
E)  In a perfectly competitive market, the size of the firms must be large.

Question 9

In a natural monopoly,prices tend to be government regulated.

Accepted Answer

A) True 
 B)False

Question 10

When gross domestic product increases,what is the outcome for economic growth?

Accepted Answer

A)  Aggregate output will increase 
B)  The nation will experience a slowdown in growth. 
C)  Aggregate output will decrease 
D)  Growth will remain steady when compared to developing nations. 
E)  Growth will decline based on the value of the national currency. 
A)  Aggregate output will increase 
B)  The nation will experience a slowdown in growth. 
C)  Aggregate output will decrease 
D)  Growth will remain steady when compared to developing nations. 
E)  Growth will decline based on the value of the national currency.

The technological environment includes only electronics and telecommunications used to perform business activities.

Why would a government MOST likely be concerned about its country carrying a trade deficit?

Which of the following represents the ownership of resources used in a private enterprise system?

Stabilization policy is made up of both monetary and fiscal policy.

China functions as a communistic economy and political system.

Which economic system emphasizes the private ownership of most factors of production?

What term denotes a nation's basis for allocating its resources among its citizens?

How does monopolistic competition differ from perfect competition?

In a natural monopoly,prices tend to be government regulated.

When gross domestic product increases,what is the outcome for economic growth?

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

The technological environment includes only electronics and telecommunications used to perform business activities.

Why would a government MOST likely be concerned about its country carrying a trade deficit?

Which of the following represents the ownership of resources used in a private enterprise system?

Stabilization policy is made up of both monetary and fiscal policy.

China functions as a communistic economy and political system.

Which economic system emphasizes the private ownership of most factors of production?

What term denotes a nation's basis for allocating its resources among its citizens?

How does monopolistic competition differ from perfect competition?

In a natural monopoly,prices tend to be government regulated.

When gross domestic product increases,what is the outcome for economic growth?

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