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Exam 1: Exploring the World of Business and Economics

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Question 61

Multiple Choice

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The Hamel family owns and operates an interior decorating business.Greg installs hardwood floors and chair rails; Stephanie reupholsters furniture and takes care of the finances; Ryan designs and makes draperies and pillows; and Allison coordinates the overall color, look, and design.The process the Hamel family uses to run its business is _____.

A) specialization
B) division of service
C) the factory system
D) the domestic system
E) the barter system

F) A) and B)
G) A) and C)

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Question 62

Multiple Choice

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____ is a loose, subjective measure of how well-off an individual or society is in terms of obtaining want-satisfying goods and services.

A) Employment success
B) Standard of wealth
C) Standard of living
D) Economic satisfaction
E) Satisfaction economic factor

F) C) and E)
G) A) and C)

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Question 63

Multiple Choice

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As a farmer, Gary Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

In a monopoly situation, there is no close substitute for a product or service.

Which of the following represents the biggest customer of American business?

A business provides goods and services in exchange for sales revenues.

If a firm's sales revenue exceeds its expenses, the firm has earned a profit.

In our free-enterprise system, federal and state governments decide what products and services to provide.

When economists study the national economy or global economy, they are using a(n) ____ approach.

What led the way to a new set of problems for business in the mid-1970s?

What is profit and why is it important to a business?

Adam Smith argued that the creation of wealth is a concern of the government.

Explain how an entrepreneur could use the factors of production to start a successful small business.

A local retailer calls its customers when it receives merchandise that they may be interested in, provides individual service to each customer, provides forms and phone numbers for complaints and comments, and has a 100 percent satisfaction guarantee.Which objective is this business working hard to accomplish?

In a monopolistic competition setting, how can a manufacturer differentiate their product from others?

Which of the following is not a feature of laissez-faire capitalism?

The nationalization of key industries in countries such as Sweden and India is indicative of a(n) ____ economy.

All of the following are material resources for Toyota except _____.

Matt Newell, a former Air Force pilot, decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains.He obtains a loan to ensure that the necessary land, facilities, advertising, and five helicopters are available for his business.What important factor of production has he overlooked in creating his business?

The organized effort of individuals to produce and sell, for a profit, the products and services that satisfy a society's needs through the Internet is known as _____.