MGMT 1 MIDTERM EXAM UCI (Latest
Update ) Questions & Answers
{Grade A} 100% Correct
Entrepreneur - correct answer A person who risks time and money to start a business
Standard of living - correct answer amount goods and services people can buy with
the money they have, cost of living, poverty rate
Quality of life - correct answer the general well being of a society based on goods and
services, environment, and satisfaction of these things, available healthcare, human
rights
Uniform Commercial Code - correct answer regulates businesses contracts and
warranties so that firms know that they can rely in each other.
,E-Commerce - correct answer the buying and selling of goods online
Quality of products - correct answer Zero defects is the goal in order to ensure less
defects and higher customer satisfaction
Empowerment - correct answer Frontline workers must be qualified and able to make
decisions about the high quality goods and service that improves production
Globalization - correct answer world trade, Devilment of efficient distribution and the
communication advances from the internet
Greening - correct answer saving energy and producing products that cause less harm
to the environment
, Market price - correct answer determined between the supply and demand, negotiated
price, equilibrium
Perfect Competition - correct answer No seller that is large enough to affect the price,
govt have no interference, consumers see the product as the same thing for the same
price
Monopolistic competition - correct answer large numbers of sellers that make pretty
much the same thing, differentiate their product by design and advertising (BAD TERM)
Oligopoly - correct answer Very few companies in a specific industry that dominate
their market, they could work together to set price (Gas)
Monopoly - correct answer 1 dominate seller in a marketplace, that seller could very
easily sell at one price
Update ) Questions & Answers
{Grade A} 100% Correct
Entrepreneur - correct answer A person who risks time and money to start a business
Standard of living - correct answer amount goods and services people can buy with
the money they have, cost of living, poverty rate
Quality of life - correct answer the general well being of a society based on goods and
services, environment, and satisfaction of these things, available healthcare, human
rights
Uniform Commercial Code - correct answer regulates businesses contracts and
warranties so that firms know that they can rely in each other.
,E-Commerce - correct answer the buying and selling of goods online
Quality of products - correct answer Zero defects is the goal in order to ensure less
defects and higher customer satisfaction
Empowerment - correct answer Frontline workers must be qualified and able to make
decisions about the high quality goods and service that improves production
Globalization - correct answer world trade, Devilment of efficient distribution and the
communication advances from the internet
Greening - correct answer saving energy and producing products that cause less harm
to the environment
, Market price - correct answer determined between the supply and demand, negotiated
price, equilibrium
Perfect Competition - correct answer No seller that is large enough to affect the price,
govt have no interference, consumers see the product as the same thing for the same
price
Monopolistic competition - correct answer large numbers of sellers that make pretty
much the same thing, differentiate their product by design and advertising (BAD TERM)
Oligopoly - correct answer Very few companies in a specific industry that dominate
their market, they could work together to set price (Gas)
Monopoly - correct answer 1 dominate seller in a marketplace, that seller could very
easily sell at one price
