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Exam 1: Exploring the World of Business and Economics

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Question 41

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In perfect competition,who sets the price of a product?

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In perfect competition,there are many bu...

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Question 42

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Reducing costs and enabling employees to work more efficiently are at the core of all attempts to improve productivity.

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Question 43

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How can online networking improve your chances of success in the business world?

Which of the following companies is an example of a manufacturer?

Economists define a ____ as two consecutive three-month periods of decline in a country's gross domestic product.

The organized effort of individuals to produce and sell,for a profit,the products and services that satisfy society's needs through the Internet is known as

Why do we say that the U.S.economy is a mixed economy?

All of the following are material resources for Honda Motor Company except

Organizations that combine raw materials,machinery,and labor to produce goods are called

What must a monopoly,such as a public utility,account for when setting its prices?

An executive at a U.S.steel company uses growth in gross domestic product as one way to develop trends in industry steel use,so he records GDP change for each year on a graph.However,the executive's figures are considerably higher than those of the staff economist,who also has drawn a graph.This difference is most likely the result of

Deflation is a general decrease in the level of prices.

Home Inspirations Mary works for her father in a family-owned business called Home Inspirations,a bedding company that has been in operation since the 1800s.When her father retires,Mary plans on taking over the business.Mary is aware of many things about the company that she likes,and a few things that she does not.She has particularly noted that when the economy has low unemployment and high total income,sales are great.However,any other time,sales are not so good.Currently,all of the bedding items are created in one place and everyone works on various tasks every day.Mary is thinking about streamlining the production process so that individuals would be responsible for only one task.She believes that if production would increase,she could sell her products at a lower price and increase revenue.She knows that most bedding products available in the market are very similar in nature and satisfy the same need.However,if she were able to lower prices,this might give her company the competitive advantage that it needs.She would then be able to invest money in differentiating her products by providing unique features,building the brand name,and offering services such as free delivery.She is also considering selling her products on the Internet.Mary knows that her father does not like change very much,but she feels these changes are important for the future of the company. -Refer to Home Inspirations.Mary feels that for productivity to improve,the company must practice

Matthew Brown decides to become a part owner of a corporation.As a part owner,he expects to receive a profit as payment because he has assumed the risk of

The separation of a manufacturing process into distinct tasks and the assignment of different tasks to different individuals is called

William Welsh,a former Air Force pilot,decides to operate a helicopter tour company to provide customers with breathtaking views of the Rocky Mountains.He obtains a loan and purchases the necessary land,facilities,advertising,and five helicopters for his business.What important factor of production has he overlooked in creating his business?

The relationship between sales and profits can be written as

Public utilities are often referred to as

Why is productivity important? How can a nation's productivity rate be improved?

The Federal Reserve uses ____ when it lowers the interest rate charged to banks on short-term loans.