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Exam 1: Exploring the World of Business and Economics

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Question 31

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A legal monopoly is often referred to as a natural monopoly.

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B) False

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Question 32

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What three activities must a business perform in order to be successful? Briefly describe each of these and why each is essential to business success.

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A business is the organized effort of in...

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Question 33

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After getting her bachelor's degree in business, Mary Wilson realized she was much more productive at her job than she had been before. Mary's degree helped her to become a better employee.

American Airlines traded eight 747s for twelve DC-10s owned by United Airlines. This transaction is an example of

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 bas -Which of the following economic terms describes the total value of a nation's goods or services that have been adjusted for inflation?

Deflation is a general decrease in the level of prices.

Home Inspirations Hailey 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, Hailey plans on taking over the business. Hailey 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. Hailey 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 revenu -​Weyerheuser owns vast acres of land in Washington State near Mt. Saint Helens where it grows trees for harvesting to make everything from lumber to build houses to newsprint for newspapers. Which of the following best represents some of the material resources of this business.

Home Inspirations Hailey 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, Hailey plans on taking over the business. Hailey 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. Hailey 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 revenu -​Liz would like to study abroad for a year before graduating from college. She would like to live someplace that is close to her native country of Ireland in terms of development because she will need to use the Internet for many of her classes. She can choose from programs in three countries. What could she use to measure the economic performance of the three countries?

As the price of a product increases, the amount of the product that a producer is willing to supply increases.

Home Inspirations Hailey 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, Hailey plans on taking over the business. Hailey 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. Hailey 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 revenu -The nationalization of key industries in countries such as Sweden and India is indicative of a(n) ____ economy.

Productivity is the total output per worker per year.

During the peak or prosperity stage of a nation's business cycle, businesses are reluctant to offer new products and services.

If a firm's sales revenue exceeds its expenses, the firm has earned a profit.

Command economies include capitalism, socialism, and communism.

Because e-businesses use the Internet, there is no need to meet the needs of their customers.

Home Inspirations Hailey 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, Hailey plans on taking over the business. Hailey 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. Hailey 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 revenu -Which economist has been called the father of communism?

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

If the demand for a product declines, what happens to the price of the product?

Karl Marx is known as the father of communism.

The U.S. business system is commonly referred to as a mixed economy.