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Exam 1: Exploring the World of Business and Economics

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Question 1

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According to Adam Smith, under laissez-faire capitalism, each person should be allowed to work toward his or her own economic gain without government interference.

A) True
B) False

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Question 2

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Specialization is meant to increase the efficiency of industrial workers.

A) True
B) False

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Question 3

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Adam Smith developed the concept of the invisible hand to explain how all economic activity should be based on a nation's needs and not the individual's needs.

Today, managers and employees are no longer concerned about cultural diversity.

For firms like Walmart, competition

An entrepreneur combines four kinds of resources into a business. What would be the effect on the business if any one were left out?

The national debt in the United States is about $15.2 trillion.

France, a socialist economy, does not have which of the following goals?

When economists study the national economy or global economy, they are using a ____ approach.

Typical service businesses in the U.S. include real estate, repair companies, and restaurants.

Satellite Communications Jonathan worked for Satellite Communications for twenty years. In the time that he worked there, he learned a lot about the company and how it operated. The company met its sales and revenue goals every year. However, most of the employees had similar educational and cultural backgrounds. He believed that the company could do much better if it cultivated an environment that promoted many different ideas. Additionally, Satellite Communications was mostly focused on how much revenue it earned in a given year. Jonathan felt that the most important goal should be to satisfy customers. He believed financial success would result from focusing on customers. After a lot of consideration, Jonathan decided to open his own business called Universal Communications and hire employees that reflected a more diverse customer base. He was happy to have this opportunity because it was a dream that he had always had. He had always wanted to make his own decisions about what his company would produce and how. The only aspect of the business he was unsure of was pricing, yet he knew this would be important for his ultimate success. -Refer to Satellite Communications. Which company has the correct objective?

Economics is the study of how wealth is created and distributed.

Which of the following statements is false?

Consumer goods make up about one-third of our nation's gross national product.

When consumers spend their money to purchase Apple iPads or computers with an Intel processor, or when they discontinue buying such items as compact discs, they are telling resource owners

Monetary policies exert the government's influence on the amount of savings and expenditures by altering the tax structure and changing the levels of government spending.

During 2012, Just-the-One Jewelry had sales revenues of $1,500,000. This retailer also had expenses that totaled $800,000. What is the firm's profit or loss amount?

What effect did the Industrial Revolution and the golden age of invention have on the development of American business?

Capital or capital goods as recognized by economists would include all of the following except

Productivity can best be described as