Question 1

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

Accepted Answer

A)   economic debt.
B)   federal deficit.
C)   fiscal debt.
D)   national debt.
E)   consumer debt.F) C) and D)
G) A) and D)

Question 2

For a business, stakeholders represent

Accepted Answer

A)   investors in the business.
B)   lenders that have provided loans.
C)   suppliers that have extended credit to the firm in search of profit for the firm..
D)   employees who work for the firm.
E)   all of the different people or groups who are affected by the business.F) B) and E)
G) A) and B)

Question 3

Which of the following is false in regard to the unemployment rate?

Accepted Answer

A)   According to Bureau of Labor Statistics, the country loses goods and services that could have been produced.
B)   A nation benefits from unemployment due to a lower level of wages required to be paid by employers.
C)   According to the Bureau of Labor Statistics, families lose wages due to unemployment.
D)   The unemployment rate is the percentage of a nation's labor force not working at any one time.
E)   The purchasing power of unemployed workers is lost.F) A) and B)
G) A) and E)

Question 4

The equilibrium or market price exists when the supply of a product exceeds the amount that consumers are willing to purchase.

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A)   consumerism.
B)   the economy.
C)   capitalism.
D)   business.
E)   the workplace.F) B) and D)
G) B) and C)

Question 6

What do you consider the most important challenges that American business faces today?

Accepted Answer

The most important challenges that Ameri...

Question 7

The maker of Hanes pantyhose attempts to set its product apart from the competition. As a result, the company obtained limited control over the price of its product. Achieving price control in this manner is known as

Accepted Answer

A)   advertising.
B)   distributional efficiency.
C)   low-cost production.
D)   niche marketing.
E)   product differentiation.F) A) and C)
G) A) and E)

Question 8

Perfect competition is the market situation in which a product has many buyers and sellers, and no single buyer or seller is powerful enough to affect a product's price.

Accepted Answer

A) True 
 B)False

Question 9

Because e-businesses use the Internet, there is no need to meet the needs of their customers.

Accepted Answer

A) True 
 B)False

Question 10

Sony is most correctly classified as a marketing intermediary type of business.

Accepted Answer

A) True 
 B)False

Question 11

Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market. The market for casual clothing can best be characterized as

Accepted Answer

A)   pure competition.
B)   monopolistic competition.
C)   an oligopoly.
D)   a monopoly.
E)   a natural monopoly.F) C) and E)
G) All of the above

Question 12

Ways in which consumers affect American business include all the following except

Accepted Answer

A)   purchasing goods and services.
B)   providing necessary business capital.
C)   providing the labor necessary for production.
D)   providing the resources necessary for production.
E)   taxing goods and services.F) A) and D)
G) B) and E)

Question 13

In your own words, describe what you "bring to the table" as a potential employee of a company that you desire to work for.

Accepted Answer

As a potential employee of [desired comp...

Question 14

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Accepted Answer

A) True 
 B)False

Question 15

The U.S. business system is commonly referred to as a mixed economy.

Accepted Answer

A) True 
 B)False

Question 16

The economic term used to describe the Federal Reserve's actions to determine the size of the supply of money in the nation and the level of interest rates is

Accepted Answer

A)   monetary policy.
B)   fiscal policy.
C)   debt policy.
D)   recovery technique.
E)   recovery guideline.F) C) and D)
G) A) and E)

Question 17

The separation of a manufacturing process into distinct tasks and the assignment of different tasks to different individuals is called

Accepted Answer

A)   specialization.
B)   entrepreneurship.
C)   free market.
D)   barter.
E)   factory manufacturing.F) A) and B)
G) A) and C)

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

A working knowledge of our business system combined with technical skills can give an applicant an advantage in looking for a job.

Accepted Answer

A) True 
 B)False

Question 20

The work performed to produce goods and services is referred to as

Accepted Answer

A)   land.
B)   financial resources.
C)   material resources.
D)   capital goods.
E)   labor.F) A) and E)
G) C) and D)

Exam 1: Exploring the World of Business and Economics

Perfect competition is the market situation in which a product has many buyers and sellers, and no single buyer or seller is powerful enough to affect a product's price.

Correct AnswerverifiedShow Answer

In your own words, describe what you "bring to the table" as a potential employee of a company that you desire to work for.

Correct AnswerAnswered by ExamLex AIAs a potential employee of [desired comp...View AnswerShow Answer

The U.S. business system is commonly referred to as a mixed economy.

Correct AnswerverifiedShow Answer

Ways in which consumers affect American business include all the following except

Correct AnswerverifiedShow Answer

The economic term used to describe the Federal Reserve's actions to determine the size of the supply of money in the nation and the level of interest rates is

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is false in regard to the unemployment rate?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The separation of a manufacturing process into distinct tasks and the assignment of different tasks to different individuals is called

Correct AnswerverifiedShow Answer

The services that government provides would not be produced by private business firms or would be produced only for those who could afford them.

Correct AnswerverifiedShow Answer

The work performed to produce goods and services is referred to as

Correct AnswerverifiedShow Answer

A working knowledge of our business system combined with technical skills can give an applicant an advantage in looking for a job.

Correct AnswerverifiedShow Answer

For a business, stakeholders represent

Correct AnswerverifiedShow Answer

The equilibrium or market price exists when the supply of a product exceeds the amount that consumers are willing to purchase.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Because e-businesses use the Internet, there is no need to meet the needs of their customers.

Correct AnswerverifiedShow Answer

The maker of Hanes pantyhose attempts to set its product apart from the competition. As a result, the company obtained limited control over the price of its product. Achieving price control in this manner is known as

Correct AnswerverifiedShow Answer

What do you consider the most important challenges that American business faces today?

Correct AnswerAnswered by ExamLex AIThe most important challenges that Ameri...View AnswerShow Answer

Sony is most correctly classified as a marketing intermediary type of business.

Correct AnswerverifiedShow Answer

Although all casual clothing ultimately provides the same purpose, companies such as The Gap strive to make their brand seem unique from the many other brands available on the market. The market for casual clothing can best be characterized as

Correct AnswerverifiedShow Answer

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As a potential employee of [desired comp...
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Correct Answer
verified

Correct Answer
Answered by ExamLex AI
The most important challenges that Ameri...
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verified

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