Question 1

____ have both tangible and intangible characteristics.

Accepted Answer

A)  Products
B)  Services
C)  Businesses
D)  Stakeholders
E)  OrganizationsF) A) and D)
G) A) and E)

Question 2

In the history of the American economy,the period or stage following the Industrial Revolution was known for its emphasis on

Accepted Answer

A)  service.
B)  technology.
C)  manufacturing.
D)  agriculture.
E)  information.F) B) and D)
G) B) and C)

Question 3

Finance refers to all activities concerned with obtaining money and using it effectively.

Accepted Answer

A) True 
 B)False

Question 4

Are there signs that business ethics are improving over time? If so,what are they? If not,what areas need improvement?

Accepted Answer

Studies have indicated that the presence...

Question 5

Financial resources are also known as _______________.

Accepted Answer

A)  capital
B)  labor
C)  barter
D)  economics
E)  exchangeF) A) and E)
G) A) and D)

Question 6

Which of the following is not a product?

Accepted Answer

A)  A Dell personal computer
B)  A veterinarian's treatment of a pet's injuries
C)  A lawyer's advice in a divorce case
D)  Business profit
E)  A checkup by a doctorF) C) and E)
G) C) and D)

Question 7

___________ exists when there are many small businesses selling one standardized product.

Accepted Answer

A)  Monopolistic competition
B)  Oligopoly
C)  Pure competition
D)  Monopoly
E)  Market structureF) B) and C)
G) B) and E)

Question 8

Monopolistic competition exists when there is only one producer of a product in a given market.

Accepted Answer

A) True 
 B)False

Question 9

A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.

Accepted Answer

A) True 
 B)False

Question 10

Nonprofit organizations such as Habitat for Humanity do not engage in management,marketing,or finance activities.

Accepted Answer

A) True 
 B)False

Question 11

Thomas Edison was an American entrepreneur.

Accepted Answer

A) True 
 B)False

Question 12

In a free-market system,the government regulates business.

Accepted Answer

A) True 
 B)False

Question 13

What is the primary lesson to be learned from the economic scandals of the early 21st century?

Accepted Answer

A)  Businesses' reputations depend on more than profits
B)  Ethical conduct and corporate social responsibility are very important
C)  Most businesses can focus on their bottoms lines,to the exclusion of other factors
D)  A and B,but not C
E)  B and C,but not AF) None of the above
G) A) and B)

Question 14

Advertising first made consumers aware of differences in products and prices in the marketing economy.

Accepted Answer

A) True 
 B)False

Question 15

Businesses differ from nonprofit organizations in that a business's focus is on

Accepted Answer

A)  price.
B)  goods.
C)  profit.
D)  organization.
E)  plans.F) C) and D)
G) B) and D)

Question 16

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire,the competitive environment is probably

Accepted Answer

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

Question 17

The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.

Accepted Answer

A)  supply price
B)  equilibrium price
C)  demand price
D)  demand curve
E)  exact priceF) C) and D)
G) B) and C)

Question 18

____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time.

Accepted Answer

A)  Supply
B)  Demand
C)  Elasticity
D)  Equilibrium
E)  EconomicsF) A) and B)
G) A) and C)

Question 19

When Target has a sale on bed linens,

Accepted Answer

A)  consumers will not demand more than normal.
B)  the store will not supply more linens than it normally does.
C)  consumers will demand more linens.
D)  the manufacturer will halt production.
E)  consumers will demand less linens than normal.F) A) and B)
G) A) and C)

Question 20

In a capitalist system,individuals own and operate ____ businesses.

Accepted Answer

A)  no
B)  few
C)  about half
D)  many
E)  the majority ofF) B) and C)
G) C) and E)

Exam 1: The Dynamics of Business and Economics

When Target has a sale on bed linens,

Correct AnswerverifiedShow Answer

The _______ is the price at which the number of products that businesses are willing to supply equals the number of products consumers are willing to purchase at a point in time.

Correct AnswerverifiedShow Answer

Finance refers to all activities concerned with obtaining money and using it effectively.

Correct AnswerverifiedShow Answer

Advertising first made consumers aware of differences in products and prices in the marketing economy.

Correct AnswerverifiedShow Answer

Thomas Edison was an American entrepreneur.

Correct AnswerverifiedShow Answer

___________ exists when there are many small businesses selling one standardized product.

Correct AnswerverifiedShow Answer

In the history of the American economy,the period or stage following the Industrial Revolution was known for its emphasis on

Correct AnswerverifiedShow Answer

What is the primary lesson to be learned from the economic scandals of the early 21st century?

Correct AnswerverifiedShow Answer

Which of the following is not a product?

Correct AnswerverifiedShow Answer

Businesses differ from nonprofit organizations in that a business's focus is on

Correct AnswerverifiedShow Answer

A central issue of economics is how to fulfill an unlimited demand for goods and services in a world with limited resources.

Correct AnswerverifiedShow Answer

When businesses can promote different features of their products and consumers are willing to pay more for products containing the features they desire,the competitive environment is probably

Correct AnswerverifiedShow Answer

____ have both tangible and intangible characteristics.

Correct AnswerverifiedShow Answer

Monopolistic competition exists when there is only one producer of a product in a given market.

Correct AnswerverifiedShow Answer

____ relates to the number of goods and services that consumers are willing to buy at different prices at a specific time.

Correct AnswerverifiedShow Answer

Financial resources are also known as _______________.

Correct AnswerverifiedShow Answer

In a free-market system,the government regulates business.

Correct AnswerverifiedShow Answer

In a capitalist system,individuals own and operate ____ businesses.

Correct AnswerverifiedShow Answer

Nonprofit organizations such as Habitat for Humanity do not engage in management,marketing,or finance activities.

Correct AnswerverifiedShow Answer

Are there signs that business ethics are improving over time? If so,what are they? If not,what areas need improvement?

Correct AnswerverifiedStudies have indicated that the presence...View AnswerShow Answer

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What is the primary lesson to be learned from the economic scandals of the early 21^st century?

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Studies have indicated that the presence...
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