Intro to Business - CH 1
oligopoly
An industry in which a few firms produce most or all of the output of a product and in which large amounts of capital are needed is called a(n):
mixed economy
Because the government owns the factors of production in public lands, postal service, and some water resources, Great Britain is considered a(n):
the $10 tip Mrs. Pierre gave him for doing such a fine job of mowing her yard
Hudson Kling mows yards during the summer. Which of the following is an example of revenue for Kling?
oligopoly
In a(n) _____, a few sellers can exert substantial control over prices.
a pure monopoly
PGE supplies all of the electricity to Portland, Oregon. PGE is an example of
prices of substitute products
Which of the following factors would most likely result in a shift in the demand curve?
increase in the price of raw materials used in the production process
Which of the following factors would most likely result in a shift in the supply curve?
person's age
Which of the following is an example of a demographic factor
social change
Which of the following is probably the MOST difficult environmental factor for owners and managers to forecast, influence, or integrate into business plans?
the birthday candles you purchased to go on your sister's birthday cake
Which of the following is the best example of a good? - the airplane flight you took to attend a funeral - the physical examination you received from your doctor - the driving lessons you took - the life guarding class you took last summer - the birthday candles you purchased to go on your sister's birthday cake
A strategic alliance is sometimes called a strategic partnership
Which of the following statements about strategic alliances is true? X NOT- A company that is interested in maintaining, but not improving, its product and service quality is most likely to enter a strategic alliance. - Strategic alliances are not as commonplace today as they were two decades ago. - Strategic alliances are commonly found in markets where there is a pure competition market structure. - A strategic alliance is sometimes called a strategic partnership. - Strategic alliances are not associated with any form of relationship management.
dynamic
Which of the following words best describes the business environment? tangible stagnant static dynamic fixed
the number of suppliers in a market
Which one characteristic most clearly defines a market structure? the market share how the company is organized the emphasis the company places on quality the number of suppliers in a market the type of product sold
monopolistic competition
A market in which there are a large number of firms that differentiate their products is called:
profit
is the amount of money remaining from a firm's sales revenue after it deducts production costs, interest costs, and taxes
combines private and government ownership of the factors of production
mixed economy
communism
The government of Cuba owns or controls all of the basic industries in their economy. Cuba operates in which type of economic system? Group of answer choices
GDP
The most basic measure of economic growth is
