Question 1

Shawn Sine decides to start his own business. How likely is Shawn to still be operating a successful business in seven years?

Accepted Answer

A)   It depends on whether it is an e-business or not.
B)   It is very likely because most small businesses are successful.
C)   It is likely because the chance of failure is nearly equal to the chance for success.
D)   It is unlikely because over half of all new small businesses fail.
E)   It is very unlikely because almost all new businesses fail within the first three years.F) A) and B)
G) D) and E)

Question 2

____ resources are the individuals who provide labor for an organization in exchange for wages.

Accepted Answer

A)   Human
B)   Material
C)   Labor
D)   Financial
E)   InformationalF) B) and D)
G) A) and B)

Question 3

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

Accepted Answer

A)   socialist
B)   communist
C)   capitalist
D)   nationalist
E)   industrializedF) A) and B)
G) B) and E)

Question 4

As the price of jeans rises, manufacturers that make and sell jeans are likely to

Accepted Answer

A)   decrease production and thus decrease the supply.
B)   increase production and thus increase the supply.
C)   do nothing to influence the available supply of jeans.
D)   discontinue producing jeans in favor of a different product.
E)   increase production to influence the demand for jeans.F) B) and C)
G) All of the above

Question 5

All of the following are characteristics of communist countries such as Cuba except

Accepted Answer

A)   intensive production of goods the government needs.
B)   all workers contribute to society according to their ability.
C)   frequent shortages of consumer goods.
D)   government ownership of almost all economic resources.
E)   an adequate supply of consumer goods.F) A) and B)
G) C) and E)

Question 6

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

Accepted Answer

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

Question 7

Public utilities are often referred to as

Accepted Answer

A)   sole proprietorships.
B)   monopolistic competitors.
C)   monopolies.
D)   oligopolies.
E)   socialistic.F) A) and B)
G) B) and C)

Question 8

The government uses taxes to purchase resources and products required to provide services.

Accepted Answer

A) True 
 B)False

Question 9

The study of an individual's economic decisions would be an example of

Accepted Answer

A)   macroeconomics.
B)   microeconomics.
C)   fiscal policy.
D)   monetary policy.
E)   national economic policy.F) A) and E)
G) C) and E)

Question 10

In order for a business to be successful, it must be organized, it must satisfy needs, and it must make a profit.

Accepted Answer

A) True 
 B)False

Question 11

The concept of sustainability focuses on which of the following?

Accepted Answer

A)   The needs of the present without compromising the future
B)   The needs of the future without compromising the present
C)   The needs of the firm to make a profit in the present
D)   The needs of future employees
E)   The needs of the government in the futureF) A) and D)
G) A) and E)

Question 12

What is real gross domestic product, and how does it differ from gross domestic product?

Accepted Answer

Real gross domestic product (GDP) is a m...

Question 13

Raw materials, buildings, and machinery are ____ resources.

Accepted Answer

A)   human
B)   financial
C)   information
D)   major
E)   materialF) A) and B)
G) C) and D)

Question 14

Approximately what portion of our nation's total production is made up of consumer goods?

Accepted Answer

A)   70 percent
B)   50 percent
C)   40 percent
D)   20 percent
E)   10 percentF) A) and C)
G) C) and E)

Question 15

Steve Wilson, a chef at a major restaurant in San Francisco, wants to start his own restaurant. He surveys the market, finds a suitable location, and calculates how much money he will need to lease the building and purchase the necessary equipment and supplies. Steve visits his banker and requests a loan. The money Steve will receive from the loan and the resources he will purchase with it are known as

Accepted Answer

A)   capital.
B)   profit.
C)   revenue.
D)   collateral.
E)   stock.F) B) and D)
G) A) and B)

Question 16

The monetary contributions that the owners of Intel pay for shares of the company's stock are ____ resources for Intel.

Accepted Answer

A)   material
B)   financial
C)   informational
D)   human
E)   manufacturingF) A) and B)
G) C) and E)

Question 17

How can online networking improve your chances of success in the business world?

Accepted Answer

Online networking can significantly impr...

Question 18

If all leading corporations in the soft-drink industry merged, this would

Accepted Answer

A)   encourage pure competition.
B)   encourage monopolistic competition.
C)   lead to an oligopoly.
D)   create a limited monopoly.
E)   create a monopoly.F) B) and E)
G) A) and E)

Question 19

What must a monopoly, such as a public utility, account for when setting its prices?

Accepted Answer

A)   A monopoly, because it has no competitors, can set prices as high as it likes.
B)   A monopoly must consider customer demand, and then set prices at the most profitable level.
C)   A monopoly must take into account what its top competitors are charging for the same product or service.
D)   A monopoly has no say in what prices it will charge because the government sets the prices for all monopolistic industries.
E)   A monopoly must look at the importance of each client, and then determine what respective rate each will be charged.F) C) and D)
G) B) and D)

Question 20

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

Accepted Answer

Profit is the financial gain that is rea...

Exam 1: Exploring the World of Business and Economics

The study of an individual's economic decisions would be an example of

Correct Answer
verified

As the price of jeans rises, manufacturers that make and sell jeans are likely to

Correct Answer
verified

In order for a business to be successful, it must be organized, it must satisfy needs, and it must make a profit.

Correct Answer
verified

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

Correct Answer
verified

What is real gross domestic product, and how does it differ from gross domestic product?

Correct Answer
Answered by ExamLex AI
Real gross domestic product (GDP) is a m...
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How can online networking improve your chances of success in the business world?

Correct Answer
Answered by ExamLex AI
Online networking can significantly impr...
View Answer

The concept of sustainability focuses on which of the following?

Correct Answer
verified

The monetary contributions that the owners of Intel pay for shares of the company's stock are ____ resources for Intel.

Correct Answer
verified

Raw materials, buildings, and machinery are ____ resources.

Correct Answer
verified

If all leading corporations in the soft-drink industry merged, this would

Correct Answer
verified

Shawn Sine decides to start his own business. How likely is Shawn to still be operating a successful business in seven years?

Correct Answer
verified

____ resources are the individuals who provide labor for an organization in exchange for wages.

Correct Answer
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The government uses taxes to purchase resources and products required to provide services.

Correct Answer
verified

Correct Answer
verified

All of the following are characteristics of communist countries such as Cuba except

Correct Answer
verified

Approximately what portion of our nation's total production is made up of consumer goods?

Correct Answer
verified

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

Correct Answer
verified

Public utilities are often referred to as

Correct Answer
verified

What must a monopoly, such as a public utility, account for when setting its prices?

Correct Answer
verified

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

Correct Answer
Answered by ExamLex AI
Profit is the financial gain that is rea...
View Answer

Exam 1: Exploring the World of Business and Economics

The study of an individual's economic decisions would be an example of

Correct AnswerverifiedShow Answer

As the price of jeans rises, manufacturers that make and sell jeans are likely to

Correct AnswerverifiedShow Answer

In order for a business to be successful, it must be organized, it must satisfy needs, and it must make a profit.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

What is real gross domestic product, and how does it differ from gross domestic product?

Correct AnswerAnswered by ExamLex AIReal gross domestic product (GDP) is a m...View AnswerShow Answer

How can online networking improve your chances of success in the business world?

Correct AnswerAnswered by ExamLex AIOnline networking can significantly impr...View AnswerShow Answer

The concept of sustainability focuses on which of the following?

Correct AnswerverifiedShow Answer

The monetary contributions that the owners of Intel pay for shares of the company's stock are ____ resources for Intel.

Correct AnswerverifiedShow Answer

Raw materials, buildings, and machinery are ____ resources.

Correct AnswerverifiedShow Answer

If all leading corporations in the soft-drink industry merged, this would

Correct AnswerverifiedShow Answer

Shawn Sine decides to start his own business. How likely is Shawn to still be operating a successful business in seven years?

Correct AnswerverifiedShow Answer

____ resources are the individuals who provide labor for an organization in exchange for wages.

Correct AnswerverifiedShow Answer

The government uses taxes to purchase resources and products required to provide services.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

All of the following are characteristics of communist countries such as Cuba except

Correct AnswerverifiedShow Answer

Approximately what portion of our nation's total production is made up of consumer goods?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Public utilities are often referred to as

Correct AnswerverifiedShow Answer

What must a monopoly, such as a public utility, account for when setting its prices?

Correct AnswerverifiedShow Answer

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

Correct AnswerAnswered by ExamLex AIProfit is the financial gain that is rea...View AnswerShow Answer

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
Answered by ExamLex AI
Real gross domestic product (GDP) is a m...
View Answer

Correct Answer
Answered by ExamLex AI
Online networking can significantly impr...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified

Correct Answer
Answered by ExamLex AI
Profit is the financial gain that is rea...
View Answer