BUS 6600 QUESTIONS WITH VERIFIED ANSWERS
A nation progresses socially when it has good schools, clean air and water, and more.
Which statement accurately addresses conditions for social progress?
The foundation for social progress is a handful of wealthy entrepreneurs willing to
spread the wealth.
Social progress will evolve when capital is apportioned to everyone in equal amounts.
Social progress can only improve when there is a strong labor pool to draw from.
A city, state, or nation's social progress needs the right business environment. -
Answers - A city, state, or nation's social progress needs the right business
environment.
The series of lines on a product packaging that the cashier scans when you check out
at a grocery store or discount store is called a
bar code.
zip code.
laser code.
scan code. - Answers - bar code
The total amount of money that businesses take in by selling goods and services is
called
revenue.
profit.
retained earnings.
loss. - Answers - revenue
________ is the chance a business owner will lose the time and money invested in a
business that proves to be unprofitable.
Redundancy
Opportunity
Depreciation
Risk - Answers - Risk
When we compare the factors of production in wealthy versus poor nations, we find
wealthy nations have land and labor, while poor nations have capital and
entrepreneurship.
poor and wealthy nations (both) have an abundance of knowledge; it is the land that
varies, with rich nations always having more.
wealthy nations have knowledge and entrepreneurial opportunities, while poor nations
are often lacking in these areas.
poor nations have plenty of land and knowledge, but very little labor. - Answers -
wealthy nations have knowledge and entrepreneurial opportunities, while poor nations
are often lacking in these areas.
,__________ means producing items using the least amount of resources.
Technology
Efficiency
Competence
Productivity - Answers - Efficiency
The two major types of e-commerce are
EDI and EDC.
wholesale and retail.
online and offline.
B2B and B2C. - Answers - B2B and B2C
In today's competitive environment, successful businesses are keenly focused on their
customers.
suppliers.
creditors.
managers. - Answers - customers
The new era of business is likely to be dominated by the
natural resources sector.
manufacturing sector.
information-based sector.
service sector. - Answers - information-based sector.
Contemporary governments promote business development by
increasing business regulations.
permitting businesspeople to conduct business without the use of contracts.
encouraging government ownership of businesses.
establishing a currency that is tradable in world markets. - Answers - establishing a
currency that is tradable in world markets.
Technology affects people in
primarily high-income countries.
most industries.
all industries.
a few information technology industries. - Answers - all industries
What statement accurately reflects how businesses connect with Generation Z, as
described in the "Connecting through Social Media" box?
Generation Zers do all their shopping online, so brick-and-mortar stores do not need to
feature goods or services appealing to them.
Retailers mostly ignore this group, as Generation Z is not a large enough demographic
group to interest most businesses.
Generation Zers avoid online shopping, so businesses focus on reaching them through
traditional advertising and clever in-store displays.
,Businesses must be versatile in engaging Generation Z consumers, for example, by
creating tools which can be used on the major social media platforms they are already
using. - Answers - Businesses must be versatile in engaging Generation Z consumers,
for example, by creating tools which can be used on the major social media platforms
they are already using.
studies the operation of a nation's economy as a whole.
Microeconomics
Macroeconomics
Socioeconomics
Econometrics - Answers - Macroeconomics
Which statement about government deficit spending is most accurate?
The federal government violates the law by running deficits because the U.S.
Constitution requires the government to balance its budget each year.
Although the government used to run big deficits, it has consistently run surpluses since
the late 1980s.
One reason the government has a hard time reducing deficits is that there is a great
deal of need for new social programs each year.
The government has used deficit spending to lower the national debt. - Answers - One
reason the government has a hard time reducing deficits is that there is a great deal of
need for new social programs each year.
When the federal government's collection of tax revenues is less than what it spends in
a given year, it results in a
national deficit.
Federal Reserve allowance.
national surplus.
balance of payments deficit. - Answers - national deficit.
A(n) __________ 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.
supply
demand
utility
equilibrium - Answers - demand
__________ unemployment refers to persons who purposefully quit their jobs and have
not yet found a new job.
Cyclical
Structural
Seasonal
Frictional - Answers - Frictional
Thomas Malthus was pessimistic about the ability of a society to achieve high standards
of living for most of its citizens because he believed that
, high tax rates would eventually undermine people's incentives to work hard and create
wealth.
significant population growth would result in shortages of food and resources.
the wealthy will never promote freedom of choice for workers.
government has a natural tendency to run deficits that would eventually bankrupt a
nation. - Answers - significant population growth would result in shortages of food and
resources.
In the box "World Population Could Go from Boom to Bust," the textbook describes
emerging population issues. What challenge do experts say many nations will now face
into the next century?
Declining birth rates will mean that most nations will be unable to sustain stable
population levels, causing an alarming drop in the global population.
Population growth in developing nations will trigger political instability, while population
decline in developed nations will lead to economic deterioration.
Declining birth rates and an aging population will bring widespread difficulties in
maintaining a young workforce and sustained economic growth.
Exploding population growth will lead to a chronic shortage of food, housing, energy and
other resources. - Answers - Declining birth rates and an aging population will bring
widespread difficulties in maintaining a young workforce and sustained economic
growth.
Which statement about capitalism is the most accurate?
Capitalism is characterized by unequal distribution of wealth and income.
A strength of capitalism is its ability to deal with environmental problems.
A drawback of capitalism is that people have little freedom to pursue their own goals.
In capitalist economies, most resources are owned by the government. - Answers -
Capitalism is characterized by unequal distribution of wealth and income.
Which topic would be emphasized in a macroeconomics course?
how a consumer chooses which goods to buy
the factors that determine how fast a nation's economy is growing
the factors that determine the wages for labor in the mining industry
how a company decides the amount it will charge for one of its products - Answers - the
factors that determine how fast a nation's economy is growing
Today, the economic systems of most nations could most accurately be classified as
command economies.
pure capitalism.
pure socialism.
mixed economies. - Answers - mixed economies.
The freedom of people to decide where they want to work and live, and what they want
to buy or sell, are basic capitalist rights under
freedom of expression.
freedom of choice.
A nation progresses socially when it has good schools, clean air and water, and more.
Which statement accurately addresses conditions for social progress?
The foundation for social progress is a handful of wealthy entrepreneurs willing to
spread the wealth.
Social progress will evolve when capital is apportioned to everyone in equal amounts.
Social progress can only improve when there is a strong labor pool to draw from.
A city, state, or nation's social progress needs the right business environment. -
Answers - A city, state, or nation's social progress needs the right business
environment.
The series of lines on a product packaging that the cashier scans when you check out
at a grocery store or discount store is called a
bar code.
zip code.
laser code.
scan code. - Answers - bar code
The total amount of money that businesses take in by selling goods and services is
called
revenue.
profit.
retained earnings.
loss. - Answers - revenue
________ is the chance a business owner will lose the time and money invested in a
business that proves to be unprofitable.
Redundancy
Opportunity
Depreciation
Risk - Answers - Risk
When we compare the factors of production in wealthy versus poor nations, we find
wealthy nations have land and labor, while poor nations have capital and
entrepreneurship.
poor and wealthy nations (both) have an abundance of knowledge; it is the land that
varies, with rich nations always having more.
wealthy nations have knowledge and entrepreneurial opportunities, while poor nations
are often lacking in these areas.
poor nations have plenty of land and knowledge, but very little labor. - Answers -
wealthy nations have knowledge and entrepreneurial opportunities, while poor nations
are often lacking in these areas.
,__________ means producing items using the least amount of resources.
Technology
Efficiency
Competence
Productivity - Answers - Efficiency
The two major types of e-commerce are
EDI and EDC.
wholesale and retail.
online and offline.
B2B and B2C. - Answers - B2B and B2C
In today's competitive environment, successful businesses are keenly focused on their
customers.
suppliers.
creditors.
managers. - Answers - customers
The new era of business is likely to be dominated by the
natural resources sector.
manufacturing sector.
information-based sector.
service sector. - Answers - information-based sector.
Contemporary governments promote business development by
increasing business regulations.
permitting businesspeople to conduct business without the use of contracts.
encouraging government ownership of businesses.
establishing a currency that is tradable in world markets. - Answers - establishing a
currency that is tradable in world markets.
Technology affects people in
primarily high-income countries.
most industries.
all industries.
a few information technology industries. - Answers - all industries
What statement accurately reflects how businesses connect with Generation Z, as
described in the "Connecting through Social Media" box?
Generation Zers do all their shopping online, so brick-and-mortar stores do not need to
feature goods or services appealing to them.
Retailers mostly ignore this group, as Generation Z is not a large enough demographic
group to interest most businesses.
Generation Zers avoid online shopping, so businesses focus on reaching them through
traditional advertising and clever in-store displays.
,Businesses must be versatile in engaging Generation Z consumers, for example, by
creating tools which can be used on the major social media platforms they are already
using. - Answers - Businesses must be versatile in engaging Generation Z consumers,
for example, by creating tools which can be used on the major social media platforms
they are already using.
studies the operation of a nation's economy as a whole.
Microeconomics
Macroeconomics
Socioeconomics
Econometrics - Answers - Macroeconomics
Which statement about government deficit spending is most accurate?
The federal government violates the law by running deficits because the U.S.
Constitution requires the government to balance its budget each year.
Although the government used to run big deficits, it has consistently run surpluses since
the late 1980s.
One reason the government has a hard time reducing deficits is that there is a great
deal of need for new social programs each year.
The government has used deficit spending to lower the national debt. - Answers - One
reason the government has a hard time reducing deficits is that there is a great deal of
need for new social programs each year.
When the federal government's collection of tax revenues is less than what it spends in
a given year, it results in a
national deficit.
Federal Reserve allowance.
national surplus.
balance of payments deficit. - Answers - national deficit.
A(n) __________ 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.
supply
demand
utility
equilibrium - Answers - demand
__________ unemployment refers to persons who purposefully quit their jobs and have
not yet found a new job.
Cyclical
Structural
Seasonal
Frictional - Answers - Frictional
Thomas Malthus was pessimistic about the ability of a society to achieve high standards
of living for most of its citizens because he believed that
, high tax rates would eventually undermine people's incentives to work hard and create
wealth.
significant population growth would result in shortages of food and resources.
the wealthy will never promote freedom of choice for workers.
government has a natural tendency to run deficits that would eventually bankrupt a
nation. - Answers - significant population growth would result in shortages of food and
resources.
In the box "World Population Could Go from Boom to Bust," the textbook describes
emerging population issues. What challenge do experts say many nations will now face
into the next century?
Declining birth rates will mean that most nations will be unable to sustain stable
population levels, causing an alarming drop in the global population.
Population growth in developing nations will trigger political instability, while population
decline in developed nations will lead to economic deterioration.
Declining birth rates and an aging population will bring widespread difficulties in
maintaining a young workforce and sustained economic growth.
Exploding population growth will lead to a chronic shortage of food, housing, energy and
other resources. - Answers - Declining birth rates and an aging population will bring
widespread difficulties in maintaining a young workforce and sustained economic
growth.
Which statement about capitalism is the most accurate?
Capitalism is characterized by unequal distribution of wealth and income.
A strength of capitalism is its ability to deal with environmental problems.
A drawback of capitalism is that people have little freedom to pursue their own goals.
In capitalist economies, most resources are owned by the government. - Answers -
Capitalism is characterized by unequal distribution of wealth and income.
Which topic would be emphasized in a macroeconomics course?
how a consumer chooses which goods to buy
the factors that determine how fast a nation's economy is growing
the factors that determine the wages for labor in the mining industry
how a company decides the amount it will charge for one of its products - Answers - the
factors that determine how fast a nation's economy is growing
Today, the economic systems of most nations could most accurately be classified as
command economies.
pure capitalism.
pure socialism.
mixed economies. - Answers - mixed economies.
The freedom of people to decide where they want to work and live, and what they want
to buy or sell, are basic capitalist rights under
freedom of expression.
freedom of choice.
