Business Exam #1

Which of the following is an example of a demographic factor?

a person's age

Members of the millennial generation:

are not accurately described by any of the other choices

An economic system based on competition in the marketplace and private ownership of the factors of production

capitalism

In a _____, the factors of production are owned collectively rather than individually, and no incentives to work harder or to produce quality products are provided.

communist economic system

The slope of the demand curve is:

downward and to the right

The quality of life is:

the general level of human happiness based on such things as life expectancy, educational standards, health, sanitation, and leisure time

Which one characteristic most clearly defines a market structure?

the number of suppliers in a market

The implementation of a contractionary policy by the Federal Reserve would result in:

lower inflation

The standard of living in any country is

measured by the output of goods and services people can buy with the money they have

Iris Souza started the summer with $30. She took $10 and made signs for her dog walking service. She posted the signs all over her neighborhood. She used the other $20 to buy a stout leash and a pooper-scooper. At the end of the summer, after buying herself a new pair of shoes for $50 (she had worn her other shoes out walking dogs), she had $125 left. What was Souza's profit for her summer job?

$125

How has diversity impacted the marketing and customization of products?

Along with their numbers, the buying power of minorities is growing.

If you were told the output of goods and services produced in Tajikistan, a former Soviet Republic had increased by eight percent in 2006, you would correctly refer to this increase as

economic growth

The _____ of any country is measured by the output of goods and services people can buy with the money they have.

standard of living

Archer Daniels Midland Co. (ADM) has joined with Baron Spices and Seasonings to market spices, seasonings and herbs to the foodservice industry. ADM will provide the raw materials, and Baron will act as the distributor and use its already existing relationships with participants in the food service industry to make a success of this:

strategic alliance

For the past ten years, Lou Lopez has been a welder for Ford Motor Company. This morning her boss informed her a robot would replace her. Lopez's unemployment is an example of _____ unemployment.

structural