Question 1

What is the willingness and ability of producers to offer a good for sale referred to as?

Accepted Answer

A)   Private enterprise
B)   Supply
C)   Free market economy
D)   Law of supply
E)   Degrees of competition B

Question 2

Changes in which type of business environment can reduce or replace the need for traditional working methods,physical equipment,and other platforms needed to conduct business?

Accepted Answer

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

Question 3

How do consumer choice and demand affect a capitalistic system?

Accepted Answer

In a capitalistic system,such as that in the United States,businesses exist to earn profits for owners.Within certain broad constraints,an owner is free to set up a new business,grow that business,sell it,or even shut it down.But consumers also have freedom of choice.In choosing how to pursue profits,businesses must take into account what consumers want or need.No matter how efficient a business is,it won't survive if there is no demand for its goods or services.

Question 4

One of the four elements that are necessary for private enterprise to be carried out is reasonable prices.

Accepted Answer

A) True 
 B)False

Question 5

How does the amount of national debt influence the bond market in the United States?

Accepted Answer

The answer of How does the amount of national debt...

Question 6

Discuss the two forms of planned economies and give examples of each.

Accepted Answer

The answer of Discuss the two forms of planned economies...

Question 7

When there are many small firms in a specific industry,what is likely to occur?

Accepted Answer

A)   Competitive advantage
B)   An oligopoly
C)   Private enterprise
D)   Perfect competition
E)   Market force reliability

Question 8

What is the general term for resources used by a business to produce a good or service referred to as?

Accepted Answer

A)   Labor
B)   Human Resources
C)   Human capital
D)   Factors of production
E)   Economic systems

Question 9

Which of the following BEST describes nominal GDP?

Accepted Answer

A)   Total quantity of goods and services produced by an economic system
B)   Total value of all goods and services produced within a given period by a national economy through domestic factors of production, measured in current dollars or with all components valued at current prices
C)   Total value of all goods and services produced within a given period by a national economy regardless of where the factors of production are located
D)   Total value of all goods and services produced within a given period by a national economy through domestic factors of production, adjusted to account for changes in currency values and price changes
E)   Total quantity of goods and services that are imported within a given period of time

Question 10

Graphically,what has been achieved when price of goods demanded is equal to the quantity of goods supplied?

Accepted Answer

A)   Supply curve optimization
B)   Potential for surplus
C)   Price reductions
D)   Freedom of choice opportunities
E)   Equilibrium price

Question 11

Product differentiation is common in a market characterized by monopolistic competition.

Accepted Answer

A) True 
 B)False

Question 12

Which environment is NOT an important dimension of a business organization's external environment?

Accepted Answer

A)   The political-legal environment
B)   The sociocultural environment
C)   The technological environment
D)   The corporate cultural environment
E)   The global business environment

Question 13

Which of the following measures indicates the prices of typical products purchased by American consumers living in urban areas?

Accepted Answer

A)   GDP per capita
B)   Standard of living
C)   Consumer price index
D)   Purchasing power parity
E)   Economic indicators

Question 14

What is needed to gain a competitive advantage over competitors?

Accepted Answer

A)   The ability to produce goods and services and sell those at a fixed profit
B)   The ability to produce goods and services and sell those at a small profit
C)   The ability to produce goods or services efficiently and at a reasonable profit
D)   The ability to leverage the internet to sell in a global marketplace
E)   The ability to have a good or service that can be easily duplicated by competitors

Question 15

Identify the five factors of production and their role in economic systems.

Accepted Answer

The answer of Identify the five factors of production and...

Question 16

Which of the following business environments includes the customers,mores,values and demographic characteristics of the society where the organization functions?

Accepted Answer

A)   Sociocultural
B)   Technological
C)   Political-legal
D)   Fiscal
E)   Economic

Question 17

Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?

Accepted Answer

A)   Business cycle supply
B)   Demand and supply schedule
C)   Standard of living
D)   Aggregate output
E)   Consumer price index

Question 18

The main measure of growth in the business cycle is aggregate output.

Accepted Answer

A) True 
 B)False

Question 19

Explain the types of policies used by the U.S.government to manage the U.S.economy.

Accepted Answer

The answer of Explain the types of policies used by...

Question 20

Which of the following is a likely cause of increased prices for products,decreased purchasing power,and decreased profit margins?

Accepted Answer

A)   Low unemployment
B)   Stagnant wages
C)   Declining living standards
D)   Cyclical inflation
E)   Limited credit

Exam 1: The US Business Environment

What is the willingness and ability of producers to offer a good for sale referred to as?

Changes in which type of business environment can reduce or replace the need for traditional working methods,physical equipment,and other platforms needed to conduct business?

How do consumer choice and demand affect a capitalistic system?

One of the four elements that are necessary for private enterprise to be carried out is reasonable prices.

How does the amount of national debt influence the bond market in the United States?

Discuss the two forms of planned economies and give examples of each.

When there are many small firms in a specific industry,what is likely to occur?

What is the general term for resources used by a business to produce a good or service referred to as?

Which of the following BEST describes nominal GDP?

Graphically,what has been achieved when price of goods demanded is equal to the quantity of goods supplied?

Product differentiation is common in a market characterized by monopolistic competition.

Which environment is NOT an important dimension of a business organization's external environment?

Which of the following measures indicates the prices of typical products purchased by American consumers living in urban areas?

What is needed to gain a competitive advantage over competitors?

Identify the five factors of production and their role in economic systems.

Which of the following business environments includes the customers,mores,values and demographic characteristics of the society where the organization functions?

Which term refers to the total quantity and quality of goods and services that people living in an economic system can purchase?

The main measure of growth in the business cycle is aggregate output.

Explain the types of policies used by the U.S.government to manage the U.S.economy.

Which of the following is a likely cause of increased prices for products,decreased purchasing power,and decreased profit margins?