intro to business chp 1
_________are affected by anything that affects supply and demand.
market prices
Due to the forces of competition, providing products and services that meet the needs of customers is essential for a business to survive in a(n) ___________ economy.
Capitalistic
Which of the following is not a factor of production? a. Capital b. Land c. Labor d. Services
D
Which of the following most closely explains the purpose of economics as used by experts? a. Experts use economics to explain what the government should do. b. Experts use economics to explain why some people have greater wealth than others. c. Experts use economics to explain why one choice is better than another. d. Experts use economics to explain the choices we make and how these choices change as we cope with the demands of everyday life.
D
Modern businesses must compete in a challenging technological environment. Which of the following most closely explains the technological challenges facing businesses? a. The current technological environment is undergoing constant change in manufacturing equipment, distribution of products, and communication with customers. b. Social media hinders the ability of businesses to keep their employees focused on the tasks they have to accomplish. c. Employees enter the workforce using social media and find it difficult to adapt and learn new methods of communication at the workplace. d. Modern technology makes it difficult to track and control sales to businesses in foreign countries.
A
Which of the following is true about monopolistic competition? a. In monopolistic competition there are many buyers along with a relatively large number of sellers. b. A monopolistic competition market situation gives rise to sellers attempting to satisfy different needs of consumers. c. A monopolistic competition market is very difficult to enter due to the control of one seller over the market. d. In monopolistic competition, one seller dominates the market selling a product and controlling most of the products that would be used in conjunction with that product.
A
Which of the following resources must a business combine in order to be successfully organized? a. Materials, human, financial, and informational b. Location, product, utility, and price c. Materials, financial, informational, and organizational d. Financial, location, materials, and analytical
A
Which of the following best describes the relationship between productivity and economic growth? a. An increase in productivity results in economic growth because there is a larger given labor force. b. An increase in productivity results in economic growth because a larger number of goods and services are produced by a given labor force. c. An increase in productivity results in economic growth because there are more goods and services produced worldwide. d. A decrease in productivity results in economic shrinkage because there are fewer people in the labor force to produce goods and services.
B
Which of the following best explains the use of gross domestic product (GDP) in world economic analysis? a. It is not useful for comparing the GDP for one nation over several different time periods. b. The GDP figure facilitates comparisons between the United States and other countries because it is the standard used in international guidelines for economic accounting. c. It permits companies to compare their economic health against similar companies in other countries. d. It does not require any adjustments for inflation or deflation to make multi-year comparisons.
B
