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Exam 1: Exploring the World of Business and Economics

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Question 71

Multiple Choice

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____ is the process of developing and promoting the differences between one's products and other similar products.

A) Advertising
B) Monopolistic competition
C) Product differentiation
D) Branding
E) Goods distinction

F) A) and B)
G) All of the above

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Question 72

True/False

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In a socialist economy, the key industries are owned and controlled by the government.

A) True
B) False

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Question 73

Multiple Choice

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Which of the following statements does not describe the U.S.economy as we begin the new millennium?

In perfect competition, who sets the price of a product?

When firms lose sight of their customers' needs, they are likely to find the going rough.

The total of all federal deficits in the United States is called the _____.

Fewer workers producing more goods and services can lead to higher overall employment rates.

Which economist has been called the father of communism?

How does monopoly have complete control over the price of its product?

Why is productivity important? How can a nation's productivity rate be improved?

As an American business firm, Dell Computer can, within certain limits, produce any product it chooses and sell it at any price it sets.

Karl Marx is known as the father of communism.

Adam Smith developed the concept of the invisible hand to explain how all economic activity should be based on a nation's needs and not the individual's needs.

A market or industry with only one seller is referred to as _____.

The price at which the demanded quantity is equal to the produced quantity of that product is called the ____ price.

Which of the following scenarios would best exemplify Adam Smith's view of best serving the interests of society?

Capital or capital goods as recognized by economists would include all of the following except _____.

Satellite Communications Jonathan worked for Satellite Communications for twenty years.In the time that he worked there, he learned a lot about the company and how it operated.The company met its sales and revenue goals every year.However, most of the employees had similar educational and cultural backgrounds.He believed that the company could do much better if it cultivated an environment that promoted many different ideas.Additionally, Satellite Communications was mostly focused on how much revenue it earned in a given year.Jonathan felt that the most important goal should be to satisfy customers.He believed financial success would result from focusing on customers. After a lot of consideration, Jonathan decided to open his own business called Universal Communications and hire employees that reflected a more diverse customer base.He was happy to have this opportunity because it was a dream that he had always had.He had always wanted to make his own decisions about both how and what his company would produce.The only aspect of the business he was unsure of was pricing, yet he knew this would be important for his ultimate success. -Refer to Satellite Communications.Which company has the correct objective?

Which of the following issues will not be a challenge for our economy in the years to come?

Business is the organized effort of individuals to produce and sell for a profit the goods and services that satisfy society's needs.