Question 1

Which of the following is NOT an accurate statement regarding nonprofit organizations?

Accepted Answer

A)   They may provide goods and services.
B)   They engage in fund-raising.
C)   They have the fundamental goal of earning profits.
D)   They utilize skills related to management, marketing, and finance.
E)   They include charities and social causes.F) A) and B)
G) A) and C)

Question 2

Allie, the manager of a new pet grooming company, makes sure her grooming salon always has plenty of treats and toys for the animals as well as beverages and snacks for their owners to ensure a quality customer service experience. This is an example of the ________ element of management.

Accepted Answer

A)   service
B)   leadership
C)   decision making
D)   motivational
E)   operationsF) B) and C)
G) A) and E)

Question 3

The factors of production are the

Accepted Answer

A)   systems and processes used to make goods and services.
B)   means of distributing wealth within a country.
C)   obstacles present in a competitive environment that limit production.
D)   land, labor, capital, and enterprise used to produce goods and services.
E)   management, marketing, and finance activities of a business.F) A) and E)
G) None of the above

Question 4

The focus of all marketing activity is to

Accepted Answer

A)   promote products better than the competition.
B)   transform resources into goods and services.
C)   provide financial resources for the operation of the business.
D)   satisfy the needs and wants of consumers.
E)   coordinate employees' actions to achieve the firm's goals.F) C) and D)
G) B) and D)

Question 5

Define business ethics. Describe the role of ethics and social responsibility in business.

Accepted Answer

Business ethics refers to the standards ...

Question 6

A county encourages individuals to own and operate the majority of businesses, but its government passes laws to enforce fair business practices such as labor laws, antitrust legislation, and laws against deceptive advertising. This is an example of

Accepted Answer

A)   modified capitalism.
B)   pure capitalism.
C)   laissez-faire capitalism.
D)   communism.
E)   socialism.F) B) and D)
G) A) and C)

Question 7

What is true of an open economy, like that of the United States?

Accepted Answer

A)   Open economies tend to grow very slowly.
B)   Open economies do not engage in international trade.
C)   Open economies tend to lack efficiency and productivity.
D)   Open economies are major players in international trade.
E)   Open economies lack access to technology.F) B) and C)
G) A) and B)

Question 8

Kristy is a member of a warehouse club. She likes shopping there because she can buy items like toilet paper and groceries in bulk to save money. This relates to which element of supply and demand?

Accepted Answer

A)   demand
B)   supply
C)   equilibrium
D)   profit
E)   product availabilityF) A) and B)
G) None of the above

Question 9

Amit hired an attorney to help him draft a purchase and sale agreement for his new home. The home is an example of a product that is a(n)

Accepted Answer

A)   idea.
B)   service.
C)   tangible item.
D)   process.
E)   intangible good.F) B) and C)
G) A) and B)

Question 10

Fabulous Fitness has a new exercise video that it hopes will increase its sales. It is offering coupons and a sweepstakes to get people to buy the video. These are examples of

Accepted Answer

A)   sales promotion.
B)   publicity.
C)   advertising.
D)   personal selling.
E)   direct retail.F) A) and B)
G) B) and E)

Question 11

Describe the pre-industrial economic phase of the United States.

Accepted Answer

Before the colonization of North America...

Question 12

Name at least 3 benefits of studying business.

Accepted Answer

Studying business can help you develop s...

Question 13

Jeff is an entrepreneur who decided to start an online bakery. Since all his business will be done online and he can bake in his home kitchen, he is saving building and other brick-and-mortar costs that allow him to pass these savings on to his customers. Reducing prices to customers is an element of

Accepted Answer

A)   productivity.
B)   efficiency.
C)   competition.
D)   equilibrium pricing.
E)   resource distribution.F) B) and C)
G) A) and E)

Question 14

What is true regarding an oligopoly?

Accepted Answer

A)   Prices charged by different firms stay fairly close because a price cut or increase by one company will trigger a similar response from another company.
B)   The prices charged by different firms vary widely, since each firm can charge whatever it wants.
C)   In oligopolies, it is inexpensive for new firms to enter the marketplace.
D)   Prices never change because the government has set the products' price.
E)   Since there are very few businesses selling the product, there is no need to ever change the price.F) B) and E)
G) All of the above

Question 15

Chi Ling lives in a country where income and social services are distributed equally among its citizens. However, the citizens must pay high taxes and the country often experiences high levels of unemployment. Chi Ling lives in a(n)  ________ nation.

Accepted Answer

A)   communist
B)   socialist
C)   capitalist
D)   supply and demand
E)   free-enterpriseF) None of the above
G) C) and E)

Question 16

Which is the BEST example of a business trying to balance the needs of various stakeholders?

Accepted Answer

A)   Pete's Pest Control Company is trying to develop an eco-friendly insecticide that will eliminate crop-killing pests and still adhere to environmental regulations.
B)   Even though Joe's Outdoor World received a quantity discount from the manufacturer on gas grills, the company is still going to sell them at the full retail price.
C)   To make sure she keeps up with the competition, Amber's Gelato Shoppe offers money-saving coupons during the summer months.
D)   A sporting goods store wonders if it should sell football equipment year-round as opposed to just the fall and winter months.
E)   Even though it might reduce profits, Bill's Big and Tall Store wonders if it should offer free shipping to its online customers.F) A) and B)
G) A) and E)

Question 17

Trevor owns a local farm stand. Although he sells fruit and vegetables, like the grocery store chains in the area, he has some power over the price he charges because he can offer consumers features they want. For instance, his fruit and vegetables are organic and locally grown. This is an example of

Accepted Answer

A)   monopolistic competition.
B)   pure competition.
C)   oligopoly.
D)   monopoly.
E)   competition.F) B) and E)
G) A) and B)

Question 18

In Norway, most citizens are able to afford basic necessities and some degree of comfort. This means Norway has a(n)

Accepted Answer

A)   high standard of living.
B)   low standard of living.
C)   high cost of living.
D)   low GDP per capita.
E)   average standard of living.F) B) and E)
G) C) and D)

Question 19

Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?

Accepted Answer

A)   35 cents
B)   45 cents
C)   50 cents
D)   55 cents
E)   75 centsF) C) and E)
G) None of the above

Question 20

The market for corn in Mexico has a large number of sellers and buyers, and there is no difference in the products sold by each seller. As a result, prices are determined by the

Accepted Answer

A)   businesses that sell the corn.
B)   consumers that buy the corn.
C)   forces of supply and demand.
D)   government.
E)   agricultural industry.F) A) and E)
G) A) and D)

Exam 1: The Dynamics of Business and Economics

Define business ethics. Describe the role of ethics and social responsibility in business.

Correct Answer
verified
Business ethics refers to the standards ...
View Answer

Which of the following is NOT an accurate statement regarding nonprofit organizations?

Correct Answer
verified

Chi Ling lives in a country where income and social services are distributed equally among its citizens. However, the citizens must pay high taxes and the country often experiences high levels of unemployment. Chi Ling lives in a(n) ________ nation.

Correct Answer
verified

In Norway, most citizens are able to afford basic necessities and some degree of comfort. This means Norway has a(n)

Correct Answer
verified

Which is the BEST example of a business trying to balance the needs of various stakeholders?

Correct Answer
verified

Correct Answer
verified

Describe the pre-industrial economic phase of the United States.

Correct Answer
verified
Before the colonization of North America...
View Answer

Correct Answer
verified

Kristy is a member of a warehouse club. She likes shopping there because she can buy items like toilet paper and groceries in bulk to save money. This relates to which element of supply and demand?

Correct Answer
verified

Fabulous Fitness has a new exercise video that it hopes will increase its sales. It is offering coupons and a sweepstakes to get people to buy the video. These are examples of

Correct Answer
verified

Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?

Correct Answer
verified

The market for corn in Mexico has a large number of sellers and buyers, and there is no difference in the products sold by each seller. As a result, prices are determined by the

Correct Answer
verified

The focus of all marketing activity is to

Correct Answer
verified

What is true regarding an oligopoly?

Correct Answer
verified

Amit hired an attorney to help him draft a purchase and sale agreement for his new home. The home is an example of a product that is a(n)

Correct Answer
verified

Name at least 3 benefits of studying business.

Correct Answer
verified
Studying business can help you develop s...
View Answer

The factors of production are the

Correct Answer
verified

What is true of an open economy, like that of the United States?

Correct Answer
verified

A county encourages individuals to own and operate the majority of businesses, but its government passes laws to enforce fair business practices such as labor laws, antitrust legislation, and laws against deceptive advertising. This is an example of

Correct Answer
verified

Allie, the manager of a new pet grooming company, makes sure her grooming salon always has plenty of treats and toys for the animals as well as beverages and snacks for their owners to ensure a quality customer service experience. This is an example of the ________ element of management.

Correct Answer
verified

Exam 1: The Dynamics of Business and Economics

Define business ethics. Describe the role of ethics and social responsibility in business.

Correct AnswerverifiedBusiness ethics refers to the standards ...View AnswerShow Answer

Which of the following is NOT an accurate statement regarding nonprofit organizations?

Correct AnswerverifiedShow Answer

Chi Ling lives in a country where income and social services are distributed equally among its citizens. However, the citizens must pay high taxes and the country often experiences high levels of unemployment. Chi Ling lives in a(n) ________ nation.

Correct AnswerverifiedShow Answer

In Norway, most citizens are able to afford basic necessities and some degree of comfort. This means Norway has a(n)

Correct AnswerverifiedShow Answer

Which is the BEST example of a business trying to balance the needs of various stakeholders?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Describe the pre-industrial economic phase of the United States.

Correct AnswerverifiedBefore the colonization of North America...View AnswerShow Answer

Correct AnswerverifiedShow Answer

Kristy is a member of a warehouse club. She likes shopping there because she can buy items like toilet paper and groceries in bulk to save money. This relates to which element of supply and demand?

Correct AnswerverifiedShow Answer

Fabulous Fitness has a new exercise video that it hopes will increase its sales. It is offering coupons and a sweepstakes to get people to buy the video. These are examples of

Correct AnswerverifiedShow Answer

Using the supply and demand curves shown in the graph that follows, what is the equilibrium price for soft drinks?

Correct AnswerverifiedShow Answer

The market for corn in Mexico has a large number of sellers and buyers, and there is no difference in the products sold by each seller. As a result, prices are determined by the

Correct AnswerverifiedShow Answer

The focus of all marketing activity is to

Correct AnswerverifiedShow Answer

What is true regarding an oligopoly?

Correct AnswerverifiedShow Answer

Amit hired an attorney to help him draft a purchase and sale agreement for his new home. The home is an example of a product that is a(n)

Correct AnswerverifiedShow Answer

Name at least 3 benefits of studying business.

Correct AnswerverifiedStudying business can help you develop s...View AnswerShow Answer

The factors of production are the

Correct AnswerverifiedShow Answer

What is true of an open economy, like that of the United States?

Correct AnswerverifiedShow Answer

A county encourages individuals to own and operate the majority of businesses, but its government passes laws to enforce fair business practices such as labor laws, antitrust legislation, and laws against deceptive advertising. This is an example of

Correct AnswerverifiedShow Answer

Allie, the manager of a new pet grooming company, makes sure her grooming salon always has plenty of treats and toys for the animals as well as beverages and snacks for their owners to ensure a quality customer service experience. This is an example of the ________ element of management.

Correct AnswerverifiedShow Answer

Correct Answer
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Business ethics refers to the standards ...
View Answer

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
Before the colonization of North America...
View Answer

Correct Answer
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Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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Correct Answer
verified
Studying business can help you develop s...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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