TEST BANK
Business, | 12th edition
by William M. Pride
SC
O
R
EG
U
ID
ES
,Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
SC
PTS: 1 DIF: Difficulty: Easy REF: pp. 4-8
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
O
PTS: 1 DIF: Difficulty: Moderate REF: p. 6
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
R
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
EG
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 10
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
U
4. What is profit, and why is it important to a business?
ANS:
ID
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 11
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
ES
5. 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.
ANS:
Answer not provided.
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
1
, PTS: 1 DIF: Difficulty: Moderate REF: p. 9
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Synthesis
6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 13
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Application
SC
7. Explain how the basic economic questions are answered in capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 13-17
O
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Evaluation
8. Why do we say that the U.S. economy is a mixed economy?
R
ANS:
Answer not provided.
EG
PTS: 1 DIF: Difficulty: Moderate REF: p. 15
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Analysis
9. How does socialism differ from communism?
ANS:
U
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 16-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
ID
KEY: Bloom's: Analysis
10. Why is productivity important? How can a nation’s productivity rate be improved?
ANS:
ES
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 17
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2
, 11. What is real gross domestic product, and how does it differ from gross domestic product?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 18
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
12. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
SC
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 20-21
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Knowledge
O
13. What is the difference between monetary policies and fiscal policies? How does each affect the
nation’s economy?
R
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 21
EG
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Analysis
14. In perfect competition, who sets the price of a product?
ANS:
Answer not provided.
U
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Analysis
ID
15. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
ES
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Application
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3
Business, | 12th edition
by William M. Pride
SC
O
R
EG
U
ID
ES
,Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.
ANS:
Answer not provided.
SC
PTS: 1 DIF: Difficulty: Easy REF: pp. 4-8
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
2. How can online networking improve your chances of success in the business world?
ANS:
Answer not provided.
O
PTS: 1 DIF: Difficulty: Moderate REF: p. 6
OBJ: LO: 1-1 NAT: BUSPROG: Communication
TOP: Your Future in the Changing World of Business KEY: Bloom's: Application
R
3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
EG
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 10
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
U
4. What is profit, and why is it important to a business?
ANS:
ID
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 11
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Application
ES
5. 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.
ANS:
Answer not provided.
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
1
, PTS: 1 DIF: Difficulty: Moderate REF: p. 9
OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition
KEY: Bloom's: Synthesis
6. Explain how the notion of scarcity is related to personal as well as business decision making.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 13
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Application
SC
7. Explain how the basic economic questions are answered in capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 13-17
O
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Evaluation
8. Why do we say that the U.S. economy is a mixed economy?
R
ANS:
Answer not provided.
EG
PTS: 1 DIF: Difficulty: Moderate REF: p. 15
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
KEY: Bloom's: Analysis
9. How does socialism differ from communism?
ANS:
U
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: pp. 16-17
OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems
ID
KEY: Bloom's: Analysis
10. Why is productivity important? How can a nation’s productivity rate be improved?
ANS:
ES
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 17
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
2
, 11. What is real gross domestic product, and how does it differ from gross domestic product?
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Challenging REF: p. 18
OBJ: LO: 1-4 NAT: BUSPROG: Communication
TOP: Measuring Economic Performance KEY: Bloom's: Synthesis
12. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
SC
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Easy REF: pp. 20-21
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Knowledge
O
13. What is the difference between monetary policies and fiscal policies? How does each affect the
nation’s economy?
R
ANS:
Answer not provided.
PTS: 1 DIF: Difficulty: Moderate REF: p. 21
EG
OBJ: LO: 1-5 NAT: BUSPROG: Communication TOP: The Business Cycle
KEY: Bloom's: Analysis
14. In perfect competition, who sets the price of a product?
ANS:
Answer not provided.
U
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Analysis
ID
15. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
ES
PTS: 1 DIF: Difficulty: Moderate REF: p. 22
OBJ: LO: 1-6 NAT: BUSPROG: Communication TOP: Types of Competition
KEY: Bloom's: Application
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible website, in whole or in part.
3
