BUS 6600 Bookout Final Exam – Correct
Questions and Answers | Guaranteed Pass
Businesses collect ______ information on where people live, what they buy,
and how they spend their time - Correct Answer✔✔-demographic
Efficiency means: - Correct Answer✔✔-producing goods and services using
the least amount of resources
When corruption is present in the business environment: - Correct Answer✔✔-
company leaders may threaten competitors and minimize competition
Businesses favor ______ government spending because it keeps taxes to a
minimum - Correct Answer✔✔-minimal
Technology is helping turn products into services by - Correct Answer✔✔-
offering new ways to access items
Businesses that produce and tell tangible products like steel and machines are
part of the ______ industry - Correct Answer✔✔-manufacturing
Diversity means: - Correct Answer✔✔-dealing sensitively with workers and
cultures around the world
What is an advantage of utilizing technology? - Correct Answer✔✔-
Productivity increases
A simple supply curve shows a relationship between the - Correct Answer✔✔-
price of a good and the quality of that good sellers are willing to offer for sale at
a specific point in time
A bank system crashed. These circumstances cut into consumers purchasing
power, causing a severe decline in the price of goods and services, better known
as ______ - Correct Answer✔✔-deflation
In a year, the price of a gem has increased from $7/lb. to $90/lb. Under these
circumstances and the fact that more companies are looking to use the gem in
their products, a graph of the supply and demand for this product would show -
1
, Correct Answer✔✔-the price of the gem to be above the equilibrium price for
this gem
A major benefit of socialism: - Correct Answer✔✔-emphasis on social
equality
One way to lessen the US government budget deficit is to - Correct
Answer✔✔-cut spending
The main goal of resource development is to find ways to - Correct
Answer✔✔-increase the amount of resources and create conditions that will
make better use of those resources
One of the dangers of free markets is that business people and others may let
_______ guide their behavior - Correct Answer✔✔-greed
One of the most significant problems faced by communist nations is - Correct
Answer✔✔-persistent shortages of basic goods such as food and clothing
If a shortage exists for a good in a free-market economy, the - Correct
Answer✔✔-price of the good will rise
Keynesian economic theory suggests: - Correct Answer✔✔-short-term
increases in government spending to stimulate the economy
There are a large number of bakeries in AL and each produces similar, but not
identical, products. The bakery is an example of what type of competition? -
Correct Answer✔✔-Monopolistic
_____ is the study of how a society employs its limited resources to produce
goods and services and how it distributes them among competition groups and
individuals - Correct Answer✔✔-economics
A _____ curve shows the relationship between the price of a good and the
quantity of that good people are willing and able to buy in a given time period. -
Correct Answer✔✔-Demand
______ are broad, long-term accomplishments an organization wants to achieve
- Correct Answer✔✔-goals
2
Questions and Answers | Guaranteed Pass
Businesses collect ______ information on where people live, what they buy,
and how they spend their time - Correct Answer✔✔-demographic
Efficiency means: - Correct Answer✔✔-producing goods and services using
the least amount of resources
When corruption is present in the business environment: - Correct Answer✔✔-
company leaders may threaten competitors and minimize competition
Businesses favor ______ government spending because it keeps taxes to a
minimum - Correct Answer✔✔-minimal
Technology is helping turn products into services by - Correct Answer✔✔-
offering new ways to access items
Businesses that produce and tell tangible products like steel and machines are
part of the ______ industry - Correct Answer✔✔-manufacturing
Diversity means: - Correct Answer✔✔-dealing sensitively with workers and
cultures around the world
What is an advantage of utilizing technology? - Correct Answer✔✔-
Productivity increases
A simple supply curve shows a relationship between the - Correct Answer✔✔-
price of a good and the quality of that good sellers are willing to offer for sale at
a specific point in time
A bank system crashed. These circumstances cut into consumers purchasing
power, causing a severe decline in the price of goods and services, better known
as ______ - Correct Answer✔✔-deflation
In a year, the price of a gem has increased from $7/lb. to $90/lb. Under these
circumstances and the fact that more companies are looking to use the gem in
their products, a graph of the supply and demand for this product would show -
1
, Correct Answer✔✔-the price of the gem to be above the equilibrium price for
this gem
A major benefit of socialism: - Correct Answer✔✔-emphasis on social
equality
One way to lessen the US government budget deficit is to - Correct
Answer✔✔-cut spending
The main goal of resource development is to find ways to - Correct
Answer✔✔-increase the amount of resources and create conditions that will
make better use of those resources
One of the dangers of free markets is that business people and others may let
_______ guide their behavior - Correct Answer✔✔-greed
One of the most significant problems faced by communist nations is - Correct
Answer✔✔-persistent shortages of basic goods such as food and clothing
If a shortage exists for a good in a free-market economy, the - Correct
Answer✔✔-price of the good will rise
Keynesian economic theory suggests: - Correct Answer✔✔-short-term
increases in government spending to stimulate the economy
There are a large number of bakeries in AL and each produces similar, but not
identical, products. The bakery is an example of what type of competition? -
Correct Answer✔✔-Monopolistic
_____ is the study of how a society employs its limited resources to produce
goods and services and how it distributes them among competition groups and
individuals - Correct Answer✔✔-economics
A _____ curve shows the relationship between the price of a good and the
quantity of that good people are willing and able to buy in a given time period. -
Correct Answer✔✔-Demand
______ are broad, long-term accomplishments an organization wants to achieve
- Correct Answer✔✔-goals
2
