Economics applications in business

In order to have exclusive rights to their literacy and artistic works authors and artists can apply for a

Copyright

Which of the following is an example of a tax that government collects from some businesses

Excise

Which of the following decreases as production increases in a business that has economics of scale

Fixed cost

What type of product utility is created by consumers by credit cards, change accounts, and installment loans?

Possession

Promotion, layaway, and credit help create ______ utility.

Possession.

When workers walk off their jobs without permission of their union leaders and in violation of their working contracts they are guilty of an unlawful act called

Wildcat strike

...

...

Which of the following is a characteristic of a depression

A high rate of business failures

A benefit to producers and consumers of growing economy is that it provides

A higher standard of living

Competition encourages businesses to develop new products that will be

Able to meet customer needs

The us produces widgets faster and cheaper than Switzerland. In this example the us has a(n) __________ advantage

Absolute

One step that a government might take to reduce its trade deficit would be to

Adjust interest rates

The cat agony of GDP called gross private domestic investment includes

All purchases of capital goods

One way a governments central banking system could regulate the nations money supply is by changing the

Banks reserve requirements.

What type of contract exists if a customer signs a contract with a business agreeing to pay a certain price for a soecific product?

Bilateral

What effect does competition have on the marketplace

Improved goods and services

What is a quick way to calculate profit

Income-expenses=profit

If a business reduces the price of an item from 3.75 to 3.00 demand for that item will usually

Increase

If the number of grocery stores in a community remains the same but more consumers move into the area demand for groceries will probably

Increase

When consumer spending increases the demand for money tends to

Increase

Which of the following is one of the disadvantages to specialization and division of labor:

Increased boredom of job

Which of the following factors would decrease demand for a countries free-floating currency

Increased political unrest

Loris and Lola plan to open a business. Lois is unable to devote full time to the daily operations of the business but wishes to provide financial support. Which form of business partnership is most likely to appeal to Lois.

Limited

What do producers often do when supply is greater than demand

Lower prices

Economics is concern e primarily with evaluating alternatives and

Making economic decisions

The increase in total expenses as a business produces one more unit of a product is the

Marginal cost

When a company has achieved a minimum level of efficiency the long run average total costs of production have been

Minimized

Which of the following influences interest rates for the purpose of promoting economic growth and full employment in a country.

Monetary policy

For which of the following is the federal reserve responsible

Monitoring mergers of financial institutions

Comparing budgeted and actual amounts can be used to evaluate

Most aspects of a business

Why might businesses decide to hold on to products to sell later when the economy is experiencing a high

Prices will continue to rise

The main reason people are willing to face possible business risks is

Profit

The governments mandating the use of unleaded gas in new cars is an example of

Protecting the environment

When applying the law of diminishing returns, businesses know that there is a point at which production

Reaches its maximum level

A technique used by socially responsible businesses to help conserve natural resources is called

Recycling

One of the main functions of a country's monetary policy is to

Regulate the economy

Who is likely to bear the burden of a tax placed on the producer of a good or service when demand is in elastic

The consumer, who will pay the higher price

Which of the following situations would most likely indicate the need to adapt to changes in the business environment

The supply of materials used in manufacturing a product has decrease

Which of the following is true of employees who's jobs have high depth:

They set their own pace

Why do marketers classify goods and services

To aid marketing planning

What is one reason why the federal government awards patents to businesses that have invented new products or manufacturing processes?

To encourage research

Bricklayers, science teachers, dentists, and truck drivers are examples of specialization of labor by

Trade or profession

Which of the following is an example of a business's intellectual property that is protected by law?

Trademarks

George agreed to paint joes car for him, but George asked joe to lay him in cash,. The money George earned is part of the

Underground economy

To overcome language differences when meeting with business people from other countries a company might

Use a translator

Which of the following is a business factor that may affect the business environment

Wage regulations

Over the next few years members of generation x and Generation Y are expected to fill many job positions vacated by retiring baby boomers this is an example of a change in

Workforce demographics

Which of the following should businesses consider when making decisions about global trade

Cultural symbols

Which of the following is an uninsurable risk

Changes in customer buying habits

A type of business that is own d by a few people and does not offer its shares for sale to the public is a type of

Close corporation

I'm tired of the government telling me what to do. They made me become a teacher, they determine my salary, and they even control where I can live. The worker complained, what type of economic system is this person complaining about

Communism command

Which if the following is an external factor that affects market price

Consumer buying power

Which phase of the business cycle pull most likely have have an unfavorable effect on a business environment

Contraction

One way that budgets help to keep businesses financially sound is by

Controlling spending

You have been hired as a bricklayer for the new mall that is being built in your town. Which of the following types of unions should you most likely join?

Craft

One of the ways in which businesses can be socially responsible is by using research and development in order to

Create new and better products

Businesses that want to trade with foreign countries need to understand the _____of those countries

Cultural characteristics

One way that productivity of a business can be measured is by

Dividing the dollar value of total sales by the cost of making those sales

When changes in a products price cause corresponding changes in consumer demand, the product has

Elastic demand

Encouraging senior citizens to apply for jobs previously filled by young people is an example of

Finding new sources of human resources

Which of the following is an important tool that governments use to keep the economy balanced and running smoothly

Fiscal policies

The city increases its sales tax from 6% to 6 1/2 %. This is an example of a change in

Fiscal policy

To thrive in today's fast paced markets which of the following is the most important characteristic for a business to have.

Flexibility

Businesses that allow their employees to set their own schedules are offering

Flextime

Which of the following are results, or outputs, of the production activities of a business

Goods or services

The connection between social responsibility of a business and the community in which the business operates is that the business's social responsibility _______ the community

Has an affect on

Environmental degradation occurs because of

Increased production

The new toy on the market was in high demand but available only in limited quantities. The local toy store,decided to take advantage of the situation by

Increasing the price

What is the likely result when workers wages rise throughout the economy while productivity decreases?

Inflation

Buildings, robots and blast furnaces that businesses use to produce other goods and services are examples of

Installations

Nations that buy and sell essential goods and services from and to each other are

Interdependent

Which of the following is an economic factor that often causes consumers to reduce spending

Interest rates

How does the federal reserve help to control inflation

It adjusts short term interest rates

Financial analysis occurs when a business

Keeps accurate expense records

One of the biggest barriers that separates countries/ regions is

Language

What organization helps union locals to become established, recruit new members, and negotiate with management?

National union

Weather circumstances can directly fact the supply of

Natural resources

The money spent to run a business is called

Operating expenses

Why does the demand for money change

People choose a substitute for money

Which of the following is a reason why human resources are limited

People lack needed training

What do business owners consider when they select a business ownership structure

Personal circumstances, financial needs, and the type of business

Typically a budgets largest income category is

Sales

What type of product do consumers usually need more information about before buying in order to get e best price?

Shopping

Government owns the basic means of production but there is some private ownership of businesses under

Socialism

What usually results when interest rates continue to increase

Spending decreases

During economic fluctuations taxes serve the purpose of __________ the economy

Stabalizing

Which of the following statements is true about private enterprise

Supply and demand determine prices

One of the factors that directly limits the freedom of individuals in a private enterprise system is government

Taxation