,Chapter 1—Exploring the World of Business and Economics
ESSAY
1. In your own words, describe four reasons why someone should study business.
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-1
NAT: AACSB: Reflective Thinking TOP: Your Future in the Changing World of Business
2. Explain how you can improve your course grade and become more successful in this course.
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-1
NAT: AACSB: Reflective Thinking TOP: Your Future in the Changing World of Business
3. What is profit and why is it important to a business?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-2
NAT: AACSB: Reflective Thinking TOP: Business: A Definition
4. Explain how an entrepreneur could use the factors of production to start a successful small business.
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
5. Explain how the basic economic questions are answered in the capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-3
NAT: AACSB: Analytic TOP: Types of Economic Systems
© 2011 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
, 6. Why do we say that the U.S. economy is a mixed economy?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
7. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-3
NAT: AACSB: Analytic TOP: Types of Economic Systems
8. Why is productivity important? How can a nation's productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance
9. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-5
NAT: AACSB: Analytic TOP: The Business Cycle
10. What is the difference between monetary policies and fiscal policies? How does each affect the
nation's economy?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-5
NAT: AACSB: Analytic TOP: The Business Cycle
11. In perfect competition, who sets the price of a product?
© 2011 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
, ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
12. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
13. In a monopolistic competition setting, how can a manufacturer differentiate their product from others?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
14. How does monopoly have complete control over the price of its product?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
15. What effect did the Industrial Revolution and the golden age of invention have on the development of
American business?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-7
NAT: AACSB: Analytic TOP: American Business Today
16. What do you consider to be the most important challenges that American business faces today?
ANS:
Answer not provided.
© 2011 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
ESSAY
1. In your own words, describe four reasons why someone should study business.
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-1
NAT: AACSB: Reflective Thinking TOP: Your Future in the Changing World of Business
2. Explain how you can improve your course grade and become more successful in this course.
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-1
NAT: AACSB: Reflective Thinking TOP: Your Future in the Changing World of Business
3. What is profit and why is it important to a business?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-2
NAT: AACSB: Reflective Thinking TOP: Business: A Definition
4. Explain how an entrepreneur could use the factors of production to start a successful small business.
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
5. Explain how the basic economic questions are answered in the capitalistic and command economies.
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-3
NAT: AACSB: Analytic TOP: Types of Economic Systems
© 2011 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
, 6. Why do we say that the U.S. economy is a mixed economy?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-3
NAT: AACSB: Reflective Thinking TOP: Types of Economic Systems
7. How does socialism differ from communism?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-3
NAT: AACSB: Analytic TOP: Types of Economic Systems
8. Why is productivity important? How can a nation's productivity rate be improved?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-4
NAT: AACSB: Reflective Thinking TOP: Measuring Economic Performance
9. A nation's economy fluctuates instead of growing at a steady pace every year. These fluctuations are
generally referred to as the business cycle. Describe the four different phases of the business cycle.
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-5
NAT: AACSB: Analytic TOP: The Business Cycle
10. What is the difference between monetary policies and fiscal policies? How does each affect the
nation's economy?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-5
NAT: AACSB: Analytic TOP: The Business Cycle
11. In perfect competition, who sets the price of a product?
© 2011 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
, ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
12. Describe how supply and demand affect the price of a product.
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
13. In a monopolistic competition setting, how can a manufacturer differentiate their product from others?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
14. How does monopoly have complete control over the price of its product?
ANS:
Answer not provided.
PTS: 1 DIF: Easy REF: OBJ: 1-6
NAT: AACSB: Analytic TOP: Types of Competition
15. What effect did the Industrial Revolution and the golden age of invention have on the development of
American business?
ANS:
Answer not provided.
PTS: 1 DIF: Moderate REF: OBJ: 1-7
NAT: AACSB: Analytic TOP: American Business Today
16. What do you consider to be the most important challenges that American business faces today?
ANS:
Answer not provided.
© 2011 Cengage Learning. All Rights Reserved. This edition is intended for use outside of the U.S. only, with content that may be different
from the U.S. Edition. May not be scanned, copied, duplicated, or posted to a publicly accessible website, in whole or in part.
