ADMS 1000 FINAL EXAM UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. Economic conditions in which an organization operates
Answer:
- Recession
- Interest Rates
- Consumer Confidence
- Housing Market
- Unemployment
- Inflation
Question:
2. Individuals
Answer:
-Work (for business or self)
-Spend money (consumer spending)
-Pay taxes (so govt. can spend)
Question:
3. Business
Answer:
To make a profit, managers have to balance the right combination of inputs that
allow for efficiency, productivity, and overall firm growth.
Question:
4. Five Factors of Production
Answer:
1. Natural Resources
2. Labor
3. Capital
4. Entrepreneurship
5. Knowledge
Question:
5. Government
Answer:
- Creates laws (to guide/promote the economy)
- Promotes tax credits
- Ensures qualified labour
, Question:
6. Microeconomics
Answer:
the study of smaller components of the economy, such as individuals and
businesses.
Question:
7. Macroeconomics
Answer:
the study of larger economic issues involving the economy as a whole.
Question:
8. Market economy
Answer:
Free market system in which individuals can decide to be employees or owners of
their own business. The right to make a profit is incentive for individuals to take the
risks involved in establishing a business.
Question:
9. Communism
Answer:
the economic system that once existed under the Soviet Union. Instead of
individuals freely deciding which products to produce, the government owned
essentially all of the country's resources, and economic decisions were made
centrally.
Question:
10. Socialism
Answer:
is an economic system whereby the government has large ownership in or control
over major industries essential to the country's economy. Coal mines,
transportation, steel mills, health care, banking, and utilities are a few examples.
Question:
11. Mixed Economy
Answer:
Combination, Canada is an example of a mixed economy.
Question:
12. Types of Competition
Answer:
monopoly, oligopoly, monopolistic competition, pure competition
QUESTIONS AND CORRECT ANSWERS
Question:
1. Economic conditions in which an organization operates
Answer:
- Recession
- Interest Rates
- Consumer Confidence
- Housing Market
- Unemployment
- Inflation
Question:
2. Individuals
Answer:
-Work (for business or self)
-Spend money (consumer spending)
-Pay taxes (so govt. can spend)
Question:
3. Business
Answer:
To make a profit, managers have to balance the right combination of inputs that
allow for efficiency, productivity, and overall firm growth.
Question:
4. Five Factors of Production
Answer:
1. Natural Resources
2. Labor
3. Capital
4. Entrepreneurship
5. Knowledge
Question:
5. Government
Answer:
- Creates laws (to guide/promote the economy)
- Promotes tax credits
- Ensures qualified labour
, Question:
6. Microeconomics
Answer:
the study of smaller components of the economy, such as individuals and
businesses.
Question:
7. Macroeconomics
Answer:
the study of larger economic issues involving the economy as a whole.
Question:
8. Market economy
Answer:
Free market system in which individuals can decide to be employees or owners of
their own business. The right to make a profit is incentive for individuals to take the
risks involved in establishing a business.
Question:
9. Communism
Answer:
the economic system that once existed under the Soviet Union. Instead of
individuals freely deciding which products to produce, the government owned
essentially all of the country's resources, and economic decisions were made
centrally.
Question:
10. Socialism
Answer:
is an economic system whereby the government has large ownership in or control
over major industries essential to the country's economy. Coal mines,
transportation, steel mills, health care, banking, and utilities are a few examples.
Question:
11. Mixed Economy
Answer:
Combination, Canada is an example of a mixed economy.
Question:
12. Types of Competition
Answer:
monopoly, oligopoly, monopolistic competition, pure competition
