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Exam 1: Introduction to Business

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Question 1

Multiple Choice

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

A) a limited command system.
B) a monopoly.
C) an oligopoly.
D) monopolistic competition.
E) a perfect competitive market.

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

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Question 2

Multiple Choice

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Which of the following industries would most likely have the characteristics of an oligopoly?

A) Clothing
B) Restaurants
C) Automobiles
D) Cameras
E) Make-up

F) B) and E)
G) A) and E)

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Question 3

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An example of a command economy is

Amazon.com has the following rights: to make a profit for its stockholders; to market a wide variety of products; and, to compete with other online retailers.Amazon.com operates in a(n) ____ system.

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 what his company would produce and how.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.Now that Jonathan plans to open his own business, he needs to look at the factors of production.Which of the following is not a factor of production?

During which phase of the business cycle would a company like Sony introduce new products?

The United States, whose economy exhibits elements of both capitalism and socialism, has what is known as a ____ economy.

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

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

Since World War II, the average length of recessions has been

Chris chooses to work only thirty hours a week as an engineering assistant while trying to shield himself from additional responsibilities at work.Chris seems to value

A natural resource, as recognised by economists, would include which of the following?

A legal monopoly is often referred to as a natural monopoly.

As a farmer, Gary Forsythe is familiar with the economics of perfect competition.How is the price at which he sells his corn determined?

Examples of command economies include

For the government to provide services, it collects revenue from

Which of the following companies is an example of a manufacturer?

For a business, stakeholders represent

A local retailer calls its customers when it receives merchandise that they may be interested in, provides individual service to each customer, provides forms and phone numbers for complaints and comments, and has a 100 percent satisfaction guarantee.Which objective is this business working hard to accomplish?

Typical service businesses include real estate, repair companies, and restaurants.