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Exam 1: Exploring the World of Business and Economics

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Question 31

True/False

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

A) True
B) False

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Question 32

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Households provide all of the following resources to businesses except _____.

A) labor
B) land
C) dividends
D) buildings
E) capital

F) B) and C)
G) A) and D)

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Question 33

Multiple Choice

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____ is a market situation (or industry) in which there are few sellers.

Which of the following purchases goods and services for personal or household use?

When a firm's sales revenue is greater than its expenses, the firm has a _____.

The use of the factory system in the United States helped to usher in the _____.

The United States, whose economy exhibits elements of both capitalism and socialism, is known as a(n) ____ economy.

During which stage of the business cycle would a company such as 3M begin to focus on being more value conscious in its production decisions?

The advent of technology and the Internet has lead to the increased use of information by business managers.

Which of the following is not a characteristic of a socialist economy?

During which phase do high unemployment rates decline and levels of income increase?

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

Alex Crane is a financial planner who gives seminars on the benefits of purchasing stocks and bonds for retirement.Alex's seminars educate the participants on how to

One of Samuel Slater's contributions to the development of American business was the use of _____.

Researchers just released the results of a study that shows eating fish at least four times a week dramatically decreases adults' risk of heart disease.What will likely result from this new information?

Home Inspirations Hailey works for her father in a family-owned business called Home Inspirations, a bedding company that has been in operation since the 1800s.When her father retires, Hailey plans on taking over the business.Hailey is aware of many things about the company that she likes, and a few things that she does not.She has particularly noted that when the economy has low unemployment and high total income, sales are great.However, at any other time, sales are not so good. Currently, all of the bedding items are created in one place and everyone works on various tasks every day.Hailey is thinking about streamlining the production process so that individuals would be responsible for only one task.She believes that if production would increase, she could sell her products at a lower price and increase revenue.She knows that most bedding products available in the market are very similar in nature and satisfy the same need.However, if she were able to lower prices, this might give her company the competitive advantage that it needs.She would then be able to invest money in differentiating her products by providing unique features, building the brand name, and offering services such as free delivery.She is also considering selling her products on the Internet.Hailey knows that her father does not like change very much, but she feels these changes are important for the future of the company. -Refer to Home Inspirations.Home Inspirations currently operates in a ____ environment.

According to economic experts, if we as a nation can become more competitive, we may solve many of our current domestic problems.

Inflation is a general rise in the level of prices.

Susan Montgomery works at an institutional bakery and is paid a wage dictated by the government.She does not like her job but is not allowed other options.Susan must purchase necessities for her family at fixed prices.The country Susan lives in can be described as a ____ economy.

A furniture manufacturer like Thomasville would be concerned with the producer price index because it