Busi 1301 Final Practice Exam Solved 100% Complete

The consumer price index (CPI) - ANSWER-e. is a monthly index that tracks the prices paid by consumers A system where the basic economic questions are determined, at least to some degree, through centralized government planning is referred to as a ____ economy. - ANSWER-a. command The business cycle has two phases; - ANSWER-c. recession and expansion. Growth in the standard of living measured by the increase in - ANSWER-d. real GDP per person Items bought by businesses to help produce other goods and services are called - ANSWER-e. capital goods Which of the following is NOT considered one of the factors of production? - ANSWER-b. technology The fundamental force that generates gain from international trade is - ANSWER-a. comparative advantage. Real GDP measures the value of goods and services produced in a given year using - ANSWER-a. base year prices. Investment is defined as the purchase of - ANSWER-b. new capital goods and additions to inventories. One reason why water is cheap compared to diamonds is because - ANSWER-b. Water is relatively less scarce The organized effort of individuals to produce and sell, for a profit, the products and services that satisfy society's needs through the Internet is known as - ANSWER-d. e-business. For a total quality management program to be effective, it must be treated as a top priority by - ANSWER-e. top management. Abbot Laboratory is embarking on a sophisticated technology that requires special skills. To address this problem, the company has decided to recruit employees with the appropriate skills rather than train the existing employees. This decision affects the work of the ____ manager. - ANSWER-b. human resources Target is working with its suppliers using tools such as electronic billing, purchase order verification, bar-code technology, and the like to integrate data to improve overall performance. This is an example of _____. - ANSWER-a. supply chain management Productivity can best be described as - ANSWER-d. the average level of output per worker per hour. When did the U.S. government become more deeply involved in business than it had been previously? - ANSWER-b. After Franklin D. Roosevelt became president The socioeconomic model of social responsibility places primary emphasis on - ANSWER-a. quality of life. You have been asked to complete this year's social responsibility report for the insurance industry. Which of the following statements would you include as a valid indication of socially responsible activities in this industry? - ANSWER-d. This year, more than 300,000 volunteer hours were contributed by companies through loaned executives and release-time (time off) arrangements. Through a combination of direct generation and credits, the City of Las Vegas is powering streetlights and more than 140 municipal buildings and facilities with renewable sources. In addition to the city government's efforts, the casinos in Las Vegas donate food waste from the restaurants to a local pig farm. Which of the following is the most accurate description of the environmental efforts taken by the City of Las Vegas and the casinos there? - ANSWER-d. The city government of Las Vegas is engaged in using alternate energy resources to power municipal buildings and street lights while the casinos are engaged in recycling food waste The governments of the United States and Canada have recently signed an agreement to cooperate in eliminating acid rain. Their efforts are primarily an attempt to reduce - ANSWER-a. water pollution. In the first three decades of the twentieth century, working conditions were horrible and dangerous, and abuses were common. Most people of the time believed these abuses would be rectified by - ANSWER-d. competition and interaction in the marketplace. The Organization of Petroleum Exporting Countries (OPEC) - ANSWER-b. was conceived as a collective-bargaining unit. The United States sells industrial supplies and materials to many nations around the world. The United States thus engages in - ANSWER-d. exporting.