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Exam 1: Introduction to Business

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Question 101

Multiple Choice

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A price at which the demanded quantity is equal to the produced quantity of that product is called the ____ price.

A) market
B) customer
C) equality
D) demand
E) supply

F) B) and E)
G) B) and D)

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Question 102

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Basically, there are four recognised degrees of competition: perfect competition, monopolistic competition, oligopoly, and monopoly.

A) True
B) False

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Question 103

Multiple Choice

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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, 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.Hailey's goal of offering products with unique features and special services is called

Matt Newell, a former Air Force pilot, decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains.He obtains a loan and purchases the necessary land, facilities, advertising, and five helicopters for his business.What important factor of production has he overlooked in creating his business?

An economic system in which individuals and businesses make the decisions about what to produce and what to buy, and the market determines how much is sold and at what prices, is called a ____ economy.

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, 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.Hailey feels that for productivity to improve, the company must practice

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

The study of an individual's economic decisions would be an example of

When the government spends more than it receives within a fiscal year, this is called the

A system where the basic economic questions are determined, at least to some degree, through centralised government planning is referred to as a ____ economy.

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

What must a monopoly, such as a public utility, account for when setting its prices?

Productivity can best be described as

Karl Marx is known as the father of communism.

In France, income taxes are reduced so that individuals will have more income to spend, which in turn will stimulate the economy.This is an example of

Raw materials, buildings, and machinery are ____ resources.

Which of the following statements is false?

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.

Increased competition from firms in other nations is an example of the

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, 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.