genbus311 exam 1

Which of the following marketing concepts emerged during the marketing era? a. A need for nonprofit organizations to work together with businesses to improve the quality of life in a society b. A consumer focus that permeates successful companies in every department, at every level c. A need to identify whether an overall economy thrives or disintegrates d. A focus on increasing profits that result in high standards of living for people across the country

A consumer focus that permeates successful companies in every department, at every level

In the context of evaluating economic performance, which of the following statements is true of productivity? a. It is a measure of the number of identical products each competitor manufactures. b. A low level of productivity tends to correlate with a stagnant economy. c. It is a measure of the willingness of consumers to buy products at different market prices. d. A company with no competitors in a market demonstrates low productivity.

A low level of productivity tends to correlate with a stagnant economy.

Anya is an administrator at Zenorx Inc., a start-up software company. She is responsible for acquiring capital for the company. In the context of the various factors of production that businesses rely on, which of the following functions is most likely to be a part of Anya's responsibilities? a. Acquiring synthetic resources like computers and telephones b. Conducting training sessions for new employees c. Conducting interviews to recruit employees to the firm d. Looking for opportunities to expand the business and to increase profits

Acquiring synthetic resources like computers and telephones

Which of the following statements best describes e-commerce? a. The rate at which a firm transforms designed products into actual products b. A marketing claim that refers to the trade of goods that have no impact on the environment c. Business transactions conducted online, typically via the Internet d. A production technology that focuses on refining production processes and creating greater efficiencies

Business transactions conducted online, typically via the Internet

In the context of the history of American business, which of the following statements is true of the relationship era? a. Businesses focus on efficient production and concentrate only on each immediate transaction with a customer. b. Businesses build strategies to constantly seek new customers as it is more profitable than cultivating current ones. c. Businesses aim to build long-term relationships with customers because satisfied customers can become advocates for a business. d. Businesses identify ways to exploit workers and manipulate prices of goods offered to customers depending on changing government laws.

Businesses aim to build long-term relationships with customers because satisfied customers can become advocates for a business.

In the context of the history of American business, which of the following statements is true of the marketing era? a. Businesses focused on refining production processes and creating greater efficiencies. b. Businesses lost individual ownership as large factories emerged to increase production. c. Businesses began to develop brands to help customers understand the differences among various products. d. Businesses that dominated their markets ousted competitors, manipulated prices, and exploited workers.

Businesses began to develop brands to help customers understand the differences among various products.

____ is an economic system based on private ownership, economic freedom, and fair competition. a. Communism b. Capitalism c. Socialism d. Totalitarianism

Capitalism

Which of the following scenarios illustrates the utilization of human resources as a factor of production? a. Tia obtains machines required to create iron blocks that her company sells. b. Carlos hires a content writer to develop content for his online portal that sells fashion accessories. c. Serena's company extracts and purifies coal deposits to use as a feedstock in the manufacture of chemical fertilizers. d. Fred capitalizes on the demand in the market for animation and starts his own design company.

Carlos hires a content writer to develop content for his online portal that sells fashion accessories.

Which of the following statements is true when a person makes a career choice based on what he or she loves doing? a. Chances of personal success are boosted. b. Less-routine abilities are not valued. c. It hinders a person's chances of acquiring financial gains. d. It guarantees a fat paycheck

Chances of personal success are boosted.

Which of the following was a result of the collapse of financial institutions during the economic crisis in the United States? a. Banks lent money only to other banks. b. Funds were available only to fund day-to-day operations. c. Companies began to announce layoffs. d. Unemployment rates declined at a rapid rate.

Companies began to announce layoffs.

In the context of the history of American business, which of the following is a feature of the relationship era? a. Major businesses focus more on refining production processes than on competing with each other. b. Manufacturing firms hire skilled artisans to facilitate mass production of goods. c. Cultivating current customers turn out to be more profitable than constantly seeking new ones. d. Jobs become specialized, increasing productivity and lowering costs and prices.

Cultivating current customers turn out to be more profitable than constantly seeking new ones.

Which of the following statements is true about the debt ceiling? a. Debt ceiling hikes are fairly routine. b. Debt ceiling hikes are strictly decided by public policy polling. c. Voting on the debt ceiling happens together with voting on taxes and spending. d. Debt ceiling hikes usually do not depend on the amount already owed by the federal government.

Debt ceiling hikes are fairly routine.

In the context of the history of American business, which of the following statements is true of the industrial revolution? a. The government passed laws to regulate business and protect consumers and workers, creating balance in the economy. b. Factories hired large numbers of semiskilled workers who specialized in a limited number of tasks. c. Balance of power shifted away from producers and toward consumers. d. Individual ownership in various production processes was promoted.

Factories hired large numbers of semiskilled workers who specialized in a limited number of tasks.

_____ are four fundamental resources—natural resources, capital, human resources, and entrepreneurship—that both businesses and nonprofits rely on. a. Basics of living b. Terms of union c. Aspects of competition d. Factors of production

Factors of production

_____ is an international economic and political movement designed to help goods and services flow more conveniently across international boundaries. a. Free trade b. Bulk trade c. Wholesale trade d. Retail trade

Free trade

The _____ is an international trade agreement that has taken bold steps to lower tariffs and promote free trade worldwide. a. Trans-Atlantic Trading Partnership Agreement b. General Agreement on Tariffs and Trade c. North American Integrative Trade Plan d. Greater American Free Trade Protocol

General Agreement on Tariffs and Trade

Which of following was a result of the bold steps taken by the General Agreement on Tariffs and Trade (GATT) to reduce trade restrictions worldwide? a. Import quotas were imposed to benefit domestic producers. b. Legislations against international dumping of goods increased. c. Goods moved more freely than ever across international boundaries. d. Subsidies to local firms were increased so that they could compete with importers.

Goods moved more freely than ever across international boundaries.

_____ is the total value of all final goods and services produced within a nation's physical boundaries over a given period of time. a. Gross domestic product b. Operating cost c. The producer price index d. A budget surplus

Gross domestic product

Which of the following factors of production encompasses the physical, intellectual, and creative contributions of people working within an economy? a. Human resources b. Natural resources c. Capital d. Entrepreneurship

Human resources

Which of the following statements is true of structural unemployment? a. It is short term, tends to be ultimately positive, and reflects the freedom to change jobs. b. It is a brief span of unemployment that occurs before the business owners hire the workers back into the company. c. It occurs when workers refuse to be retrained to migrate to other jobs in an organization. d. It encompasses people who don't have jobs because the economy no longer needs their skills.

It encompasses people who don't have jobs because the economy no longer needs their skills.

In the context of monetary policy, which of the following statements is true of the reserve requirement? a. It involves buying and selling of treasury bonds, notes, and bills. b. It helps protect depositors who may want to withdraw their money without notice. c. It refers to the requirement of having a predetermined amount of contingency money. d. It allows banks to hold lesser funds if the Fed changes its bulk amount collection schemes.

It helps protect depositors who may want to withdraw their money without notice.

In the context of measuring economic performance, which of the following statements is true of gross domestic product (GDP)? a. It measures the total value of imports as compared to the exports of a nation. b. It ignores legal goods that are not reported to avoid taxation. c. It reduces when the products produced involve high levels of pollution. d. It accurately predicts when economic changes will occur or how long they will last.

It ignores legal goods that are not reported to avoid taxation.

In the context of the technological environment, which of the following statements is true of business technology? a. It includes the creative contributions of everyone who works within an economy. b. It is the rate at which a new product moves from conception to commercialization. c. It includes any tools that companies can use to become more efficient and effective. d. It is the rate at which similar products from competitive brands attract consumers

It includes any tools that companies can use to become more efficient and effective.

In the context of the free market system, which of the following statements best describes pure competition? a. It is a market structure where new producers are not allowed to enter the competitive market. b. It is a market structure with many competitors selling virtually identical products. c. It is a market structure with one business completely dominating the industry. d. It is a market structure where single producers can control the price that customers would need to pay for a product.

It is a market structure with many competitors selling virtually identical products.

Which of the following statements is true of countertrading? a. It is limited to barter agreements involving the purchase of goods in exchange of currency. b. It tends to decrease barter opportunities during economic downturns. c. It is a powerful tool for gaining customers and products that would not otherwise be available. d. It seeks foreign customers through franchising and direct investment.

It is a powerful tool for gaining customers and products that would not otherwise be available.

Which of the following statements is true of the economy? a. It solely indicates how resources are maintained in government-owned institutions. b. It is inclined toward politics and rarely affects businesses. c. Its rise or downfall has no effect on the common man. d. It is essentially a financial and social system.

It is essentially a financial and social system.

In a business, which of the following statements best describes profit? a. It is the income that a firm receives from its secondary business activities. b. It is the increase in the value of a firm's assets that are not resold. c. It is the total revenue that a business generates, including the cost of salaries. d. It is the money that a business earns in sales, minus expenses

It is the money that a business earns in sales, minus expenses

Which of the following statements best describes a budget surplus? a. It is the losses that occur when the total value of a nation's imports is higher than the total value of its exports. b. It is the overage that occurs when revenue is higher than expenses over a given period of time. c. It is the amount borrowed by a company without any guarantee. d. It is the total amount owed by high-income people in a country who are yet to repay their loans.

It is the overage that occurs when revenue is higher than expenses over a given period of time.

Which of the following statements best describes a budget deficit? a. It is the shortfall that occurs when expenses are higher than revenue over a given period of time. b. It is the difference between the budgets allocated in two consecutive financial years. c. It is the sum of all the money borrowed by the government over the years and not yet repaid. d. It is the shortfall that occurs when the total value of a nation's annual imports is higher than the total value of its annual exports.

It is the shortfall that occurs when expenses are higher than revenue over a given period of time.

Which of the following statements best describes the consumer price index (CPI)? a. It refers to a standard equation that is used to determine the amount of resources needed to produce certain goods depending on consumers' needs. b. It measures the change in weighted-average price over time in a consumer market basket of goods and services that the average person buys each month. c. It refers to the quantity of products that consumers are willing to buy at different market prices. d. It measures the change over time in the prices that businesses pay each other for goods and services.

It measures the change in weighted-average price over time in a consumer market basket of goods and services that the average person buys each month.

Which of the following is a function of the International Monetary Fund (IMF)? a. It supports stable exchange rates. b. It settles legal disputes submitted to it by member nations. c. It monitors provisions of the GATT agreements. d. It provides technical advice to the governments of developing countries for projects in a range of areas.

It supports stable exchange rates.

Conela is a nonprofit organization that renovates abandoned government schools and facilitates their functioning. It is headed by two social activists and is funded by the government. Which of the following statements is true of Conela? a. It does not employ people. b. Its primary goal is financial gain. c. It takes in revenue like any other business. d. It does not contribute to the nation's economy.

It takes in revenue like any other business.

Identify a true statement about real gross domestic product (GDP)? a. It tends to be overstated as it includes output produced within households. b. It does not include an inflation adjustment. c. It does not include the domestic production of the producers that are foreign-owned. d. It usually tends to be understated as it does not include any illegal activities.

It usually tends to be understated as it does not include any illegal activities.

Which of the following statements is true of the fiscal cliff? a. It was a package of draconian across-the-board spending cuts. b. It was expected to cause a rapid increase in the U.S. budget deficit. c. It was created when a deal was reached to temporarily allow a shutdown crisis. d. It referred to the profits earned by companies because of a dip in the tax rates.

It was a package of draconian across-the-board spending cuts.

Drenexa Pharmaceuticals is based in the United States. In the context of the social environment, which of the following is most likely to be an impact of the rapidly aging population on Drenexa Pharmaceuticals? a. It will be at a disadvantage as the focus of the state and federal government is currently on the younger population. b. It will face a loss as the rapidly aging population will cause the size of the market for pharmaceutical companies to shrink. c. It will gain profits as the rapidly aging population will cause the companies that cater to the elderly to boom. d. It will benefit because it will have access to a larger labor pool that can drive its expansion plans.

It will gain profits as the rapidly aging population will cause the companies that cater to the elderly to boom.

In the context of the history of American business, which of the following statements is true of the production era? a. Factories hired large numbers of semiskilled workers who specialized in a limited number of tasks. b. Balance of power shifted away from producers and toward consumers, flooding the market with enticing choices. c. Jobs became specialized, increasing productivity and lowering costs and prices. d. Laws were passed for the first time by the government to protect consumers and workers.

Jobs became specialized, increasing productivity and lowering costs and prices.

In the context of the history of American business, which of the following statements is true of the entrepreneurship era? a. Entrepreneurs chose to replace huge factories with skilled artisan workshops. b. Entrepreneurs focused on aggressive persuasion to separate consumers from their cash. c. Large-scale entrepreneurs emerged in the second half of the 1800s, building business empires. d. Balance of power shifted away from entrepreneurs and toward consumers, flooding the market with enticing choices.

Large-scale entrepreneurs emerged in the second half of the 1800s, building business empires.

In the context of a business environment, which of the following is a key element of the U.S. economic environment? a. Policies that ensure high federal tax rates for businesses b. Protocols that restrict mergers between nonprofits and private businesses c. Legislation that supports enforceable contracts d. Regulations that decrease corporate accountability

Legislation that supports enforceable contracts

In the context of a business environment, which of the following is a key element of the U.S. economic environment? a. Regulations that decrease corporate accountability b. Protocols that restrict mergers between nonprofits and private businesses c. Policies that ensure high federal tax rates for businesses d. Legislation that supports enforceable contracts

Legislation that supports enforceable contracts

Which of the following is a similarity between millennials and digital natives? a. Like millennials, digital natives feel entitled to a great job when they graduate college. b. Like millennials, digital natives tend to have very long attention spans. c. Like millennials, digital natives tend to be extremely tolerant and inclusive. d. Like millennials, digital natives approach adulthood hoping to be discovered.

Like millennials, digital natives tend to be extremely tolerant and inclusive.

in the context of factors of production that businesses and nonprofits rely on, which of the following statements is true of natural resources? a. Most of them must be extracted, purified, or harnessed. b. Most of their value tends to decline as demand increases or supply decreases. c. They are created and upgraded by businesses using capital. d. They include agricultural products, which people create through planting and tending.

Most of them must be extracted, purified, or harnessed.

Cleftell Inc., a coal mining company in the United States, is the only supplier of coal in its area. The company is backed by the government as it offers its supplies at a discounted rate. Government backing makes it easier for the company to deal with legislation, thereby increasing its overall efficiency and productivity. Which of the following market structures is exemplified in the scenario? a. Natural monopoly b. Monopsony c. Oligopoly d. Pure competition

Natural monopoly

_____ are business-like establishments that employ people and produce goods and services with the fundamental goal of contributing to the community rather than generating financial gain. a. Nonprofits b. Restricted mergers c. Plutocracies d. Credit unions

Nonprofits

_____ involve buying and selling government securities, which include treasury bonds, notes, and bills. a. Free banking services b. Social funding processes c. Open market operations d. Reserve requirement allowances

Open market operations

_____ refers to the chance of giving up the second-best choice when making a decision. a. A trade surplus b. A trade deficit c. Opportunity cost d. Prospective cost

Opportunity cost

Which of the following was an impact of the American Recovery and Reinvestment Act? a. Taxes were hiked. b. People traded good-paying jobs for lower-paying positions. c. Employment rates fell dramatically. d. Economy took a downward turn as the funds deployed were insufficient.

People traded good-paying jobs for lower-paying positions.

Which of the following factors is most likely to be covered by the social environment dimension of a business? a. Federal tax laws b. Bank interest rates c. Internet traffic and e-commerce d. Population size and density

Population size and density

Which of the following is a difference between the Troubled Assets Relief Program (TARP) and the American Recovery and Reinvestment Act? a. The money released through TARP was not repaid at all, whereas the money released through the American Recovery and Reinvestment Act was partially repaid by insurance companies. b. TARP was implemented exclusively to assist in building infrastructure, whereas the American Recovery and Reinvestment Act was passed to bail out financial institutions. c. TARP was a $700 billion economic bailout plan, whereas the American Recovery and Reinvestment Act was an $825 billion economic stimulus package. d. TARP included a $150 billion investment in green energy, whereas the American Recovery and Reinvestment Act made no investments in green energy.

TARP was a $700 billion economic bailout plan, whereas the American Recovery and Reinvestment Act was an $825 billion economic stimulus package.

____ is the rate of interest that the Federal Reserve charges when it loans funds to banks. a. The debt rate b. Budget interest c. The discount rate d. Fiscal interest

The discount rate

Which of the following is a key dimension of the business environment? a. The physiological environment b. The natural environment c. The economic environment d. The communal environment

The economic environment

In the context of the social environment of the United States, which of the following statements is true of diversity? a. The population has become less ethnically diverse in recent years than it was during previous years. b. Its growth in a workplace limits innovation and creativity. c. Effectively managing it in a workplace would only become tougher as time goes by. d. The growth in ethnic populations offers robust profit potential for firms pursuing them.

The growth in ethnic populations offers robust profit potential for firms pursuing them.

In the context of the U.S. economic environment, which of the following is a government policy that supports business? a. The no-taxes policy for new firms b. The relatively low federal tax rate c. The exemption from trade regulations d. The exemption of import duties

The relatively low federal tax rate

Which of the following statements is true of capitalism? a. The state makes all decisions related to production and pricing. b. It has no policy of taxation on profits and earnings. c. It refers to publicly owned institutions that are solely funded by the government. d. The vast majority of enterprises are privately owned by businesses.

The vast majority of enterprises are privately owned by businesses.

Which of the following was a reason for the collapse of financial institutions during the economic crisis in the United States? a. There was a drop in mortgage values. b. There was a hike in the debt ceiling. c. Housing prices went up too quickly. d. Borrowers refinanced their loans to lower their payments

There was a drop in mortgage values.

In the context of monetary policy, which of the following statements is true of commercial banks? a. They accept demand deposits and make loans for the public. b. They are not eligible to fund businesses. c. They decide the taxable income slabs for their districts. d. They regulate the supply and circulation of money in the country.

They accept demand deposits and make loans for the public.

In the context of the different degrees of competition, which of the following is a reason why monopolies are considered illegal? a. They support dubious producers. b. They lead to copyright issues when identical products are sold by different sellers. c. They generate a strain on the supply of raw materials. d. They can harm the economy.

They can harm the economy.

In the context of factors of production, which of the following statements is true of entrepreneurial enterprises? a. They can kick-start an economy, creating a tidal wave of opportunity by harnessing other factors of production. b. They concentrate mostly on merging with nonprofit organizations so that huge investments by the entrepreneurs can be avoided. c. They focus mostly on transforming customers into loyal advocates of the company's products. d. They encompass the intellectual and creative contributions of everyone who works within an economy.

They can kick-start an economy, creating a tidal wave of opportunity by harnessing other factors of production.

Which of the following statements is true of millennials? a. They shaped the Internet. b. They were born between 1975 and 1980. c. They approached adulthood planning to work for success. d. They did not feel entitled to a great job when they graduated from college.

They did not feel entitled to a great job when they graduated from college.

In the context of monetary policy, which of the following statements is true of open market operations? a. They protect depositors who may want to withdraw their money without prior notice. b. They are based on private ownership, economic freedom, and fair competition. c. They involve a market structure in which many competitors sell virtually identical products. d. They involve securities that the government issues to finance its deficit spending.

They involve securities that the government issues to finance its deficit spending.

In the context of the competitive environment, which of the following statements is true of bleeding-edge firms? a. They launch cheaper versions of already existing successful products. b. They launch successful products that are in high demand among consumers. c. They launch products that fail because they are too far ahead of the market. d. They launch innovative products that have a small existing market.

They launch products that fail because they are too far ahead of the market.

Which of the following statements is true of entrepreneurs? a. They are bound to face recurring loses before making a profit. b. They do not risk their time and money when managing a business. c. They produce a ripple effect that enriches everyone around them. d. They serve the society instead of creating wealth for themselves.

They produce a ripple effect that enriches everyone around them.

In the context of the global economic crisis in mid-2000, identify a true statement about subprime loans. a. They were preferably given to borrowers with low debt-to-income ratios. b. They required a high down payment. c. They were given to borrowers with little or no documentation. d. They were seen by the lenders as high-risk loans.

They were given to borrowers with little or no documentation.

In the context of the global economic crisis, which of the following statements is true of subprime mortgage loans? a. They were given to borrowers with high credit scores. b. They could not be obtained easily, and repayment was mandatory. c. They were only given to debtors with high income-to-debt ratios. d. They were seen by the lenders as low-risk loans

They were seen by the lenders as low-risk loans

In the context of the business cycle, _____ is an economic downturn marked by a decrease in the gross domestic product (GDP) for two consecutive quarters. a. inflation b. a recession c. stagnation d. a credit crunch

a recession

In the context of the production era, the "hard sell" refers to the: a. outcome when a business incurs expenses that are greater than its revenue. b. outcome when businesses focus on contributing to the society rather than on profits. c. relationship between the price of a good and the benefits offered. d. aggressive persuasion designed to separate consumers from their cash.

aggressive persuasion designed to separate consumers from their cash.

If the Federal Reserve increases the reserve requirement, _____. a. interest rates on loans will dip b. it is not likely to impact banks c. banks must hold more funds d. there will be more loans available

banks must hold more funds

The periodic contraction and expansion that occur over time in virtually every economy is known as the _____. a. business framework b. business spiral c. business cycle d. business pattern

business cycle

In the context of monetary policy, when the Fed reduces the discount rate, banks: a. must cut back on the loans they make. b. owe more money to the Fed. c. can obtain funds at a lower cost. d. can buy and sell government securities.

can obtain funds at a lower cost.

The right to fair competition is one of the fundamental rights of: a. monarchism. b. communism. c. capitalism. d. totalitarianism.

capitalism.

In the context of factors of production that businesses and nonprofits rely on, _____ cannot be considered a natural resource. a. cereal crops b. land c. water d. mineral deposits

cereal crops

In the country of Harashimin, the government strongly backs the labor class of the country. It is authoritarian in nature and believes in exploiting wealthy citizens to fulfill its agenda of bringing social and financial equality in the society. In this scenario, the government of Harashimin has most likely adopted the political philosophy called _____. a. socialism b. capitalism c. totalitarianism d. communism

communism

_____ is an economic and political system that calls for public ownership of virtually all enterprises, under the direction of a strong central government. a. Mercantilism b. Socialism c. Communism d. Capitalism

communism

In a free market system, _____ refers to the quantity of products that consumers are willing to buy at different market prices. a. supply b. embargo c. demand d. trade

demand

In the context of evaluating economic performance, productivity is calculated by: a. dividing the amount of output by the amount of input. b. multiplying the amount of input with the amount of output. c. subtracting the amount of input from the amount of output. d. adding the amount of output to the amount of input.

dividing the amount of output by the amount of input.

A pure market economy: a. does not allow people the freedom to be innovative. b. provides sufficiently for the old and the sick. c. necessitates high taxes. d. does not make sufficient provision for the environment

does not make sufficient provision for the environment

During the _____, the government of the United States stepped into the business realm to pass laws to regulate business and protect consumers and workers. a. entrepreneurship era b. production era c. relationship era d. marketing era

entrepreneurship era

Jason set up a textile mill in his hometown in 1865. He became a rich businessman by the time his son Earl took over the business in 1895. Soon after Earl started heading the business, the government passed laws to regulate business and protect consumers and workers. Due to this move by the government, the textile mill had to introduce a fixed salary structure for its employees and implement quality checks for the products manufactured. In the context of the history of American business, Jason had set up this textile mill in the _____. a. relationship era b. entrepreneurship era c. marketing era d. production era

entrepreneurship era

Perggy's Bakes, a bakery in New Orleans that exclusively sells its confectionery products online, makes its products only when it receives an order. The bakery produces the products as per the order and delivers to the customer's homes. It does not produce any excess products. In the given scenario, the price associated with the demand and supply of the products at Perggy's Bakes reflects the _____. a. equilibrium price b. grounded price c. skimmed price d. parity price

equilibrium price

Access to factors of production due to international trade: a. increases the dependence of international firms on a single economy. b. stops economic meltdowns from spreading across nations. c. evens out some of the resource imbalances among nations. d. inhibits the growth of innovation.

evens out some of the resource imbalances among nations.

The term _____ refers to the sum of all the money that the federal government has borrowed over the years and not yet repaid. a. budget surplus b. federal surfeit c. budget slippage d. federal debt

federal debt

When making a career choice, experts often advise graduating students to: a. concentrate on performing routine tasks as this will improve their employability. b. focus on the sector that promises quick career growth. c. focus only on careers with the highest income potential. d. find a career they love as it will tend to be more rewarding.

find a career they love as it will tend to be more rewarding.

The term _____ refers to government efforts to influence the economy through taxation and spending decisions that are designed to encourage growth, boost employment, and curb inflation. a. monetary policy b. open market operation c. reservation requirement d. fiscal policy

fiscal policy

In the context of the global environment, the _____ has lowered prices and increased quality across virtually every product category, as competition becomes truly global. a. foreign globalization measure b. bulk-pack protocol c. free-trade movement d. federal sales act

free-trade movement

The prices of all the commodities have gone up in the country of Sraznesia, and this has led to country-wide protests. The situation worsens as the average prices increase more than 50% a month, resulting in more aggressive protests from the citizens. In the given scenario, this price rise will most likely lead to _____. a. a credit crunch b. privatization c. a depression d. hyperinflation

hyperinflation

During the _____, as mass production took hold, huge factories replaced skilled artisan workshops. a. entrepreneurship era b. industrial revolution c. marketing revolution d. relationship era

industrial revolution

n the context of fiscal policy, most economists agree that: a. lower taxes can leave more money in people's pockets for them to spend or invest. b. curbing inflation would result in shortage of manpower. c. fiscal strategies are in no way influenced by political philosophies. d. preplanning the pension of individuals can have adverse effects on their job prospects.

lower taxes can leave more money in people's pockets for them to spend or invest.

In the context of factors of production that businesses and nonprofits rely on, which of the following can be classified as capital? a. Land b. Labor c. Money d. Machine

machine

The Krakozhian fashion market has many brands that sell clothing. However, each brand sells clothing designed for different niches in the market. In this scenario, the market structure prevalent in the Krakozhian fashion market is _____. a. oligopoly b. monopoly c. monopolistic competition d. pure competition

monopolistic competition

In the context of mixed economies, pure planned economies are practically nonexistent in today's world because they would: a. curtail people's individual freedom to choose a source of livelihood. b. not create enough value to support their people over the long term. c. not provide sufficiently for the old and the sick. d. not enable the government to exercise control over the market.

not create enough value to support their people over the long term.

The nation of Radonia recently approved the sale of its national railway service to a company called Dontsky Rail Corporation. The company has no association with the country's government and operates on its own terms. The sale of Radonia's national railway service to Dontsky Rail Corporation is an example of _____. a. a coalition b. privatization c. globalization d. a joint venture

privatization

The _____ is a measure of inflation that evaluates the change over time in the weighted-average wholesale values. a. producer price index b. knowledge economic index c. cost-weighted activity index d. buyer cost rating index

producer price index

During the production era, in the early part of the 1900s, major businesses focused on: a. creating wealth by manipulating prices and exploiting workers. b. differentiating themselves from their competitors. c. refining the production process and creating greater efficiencies. d. customer satisfaction and building long-term relationships with customers.

refining the production process and creating greater efficiencies.

In the context of the competitive environment of a business, the best measure of value is the: a. size of the gap between product benefits and price. b. difference in the market price and the selling price of a product. c. total number of returning customers per quarter. d. relative difference in the selling price of a product across competitors

size of the gap between product benefits and price.

The nation of Platinia provides its citizens with free healthcare and education services. The government of Platinia funds these programs through high taxation. In addition to these services, the government also runs utilities, telecommunications, and several other enterprises. The nation of Platinia exemplifies a _____. a. mixed economic system b. communist economic system c. socialist economic system d. capitalist economic system

socialist economic system

In the context of planned economies, _____ tend to have high taxes, which are designed to distribute wealth more evenly through the public. a. capitalist economies b. monarchist economies c. communist economies d. socialist economies

socialist economies

The quality and quantity of goods and services available to a population is referred to as the _____. a. per capita income b. expectancy margin c. gross domestic revenue d. standard of living

standard of living

n the context of the global economic crisis, _____ are defined by experts as loans to borrowers with low credit scores, high debt-to-income ratios, or other signs of a reduced ability to repay the money they borrow. a. endowment loans b. concessional debts c. subsidized credits d. subprime mortgages

subprime mortgages

Businesses that strongly focus on customer satisfaction tend to: a. transform their current customers into loyal advocates for themselves. b. believe that the cheapest product represents the best value for customers. c. develop new products for customers while compromising on its features when competition is tough. d. be less successful as there is deterioration in the quality of the products they offer to their customers.

transform their current customers into loyal advocates for themselves.

The _____ is the percentage of people in the labor force over age 16 who do not have jobs and are actively seeking work. a. hyperinflation rate b. recruitment rate c. turnover rate d. unemployment rate

unemployment rate

In the context of factors of production, which of the following is a natural resource? a. An investment b. Wind c. Information d. A computer

wind