Exam (elaborations)

TEST BANK -FOUNDATIONS OF BUSINESS 7TH EDITION (WILLIAM M. PRIDE, 2022)

Rating

Sold

Pages

310

Grade

A+

Uploaded on

05-03-2025

Written in

2024/2025

TEST BANK -FOUNDATIONS OF BUSINESS 7TH EDITION (WILLIAM M. PRIDE, 2022) Chapter 1:Foundations of Business End of Chapter Questions Quiz Yourself 1. Scarcity implies that the allocation decision chosen by society can a) not make more of any one good. b) Always make more of any good. c) Typically make more of one good but at the expense of making less ofanother. d) Always make more of all goods simultaneously. Explanation: Scarcity implies that choices involve trade-offs. AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 02 Medium Gradeable: automatic Learning Objective: 01-01 Topic: Economics and Opportunity Cost 2. A production possibilities frontier is a simple model of a) Allocating scarce inputs to the production of alternative outputs. a) Price and production/consumption in a market. b) The cost of producing goods. c) The number of inputs required to produce varying levels of output. Explanation: The production possibilities frontier shows the quantity of two goods that can be produced. It implies that scarcity requires that choices be made as to how to use resources. AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 02 Medium Gradeable: automatic Learning Objective: 01-01 Topic: Modeling Opportunity Cost Using the Production Possibilities Frontier 3. The underlying reason that there are unattainable points on a production possibilities frontier is that there a. Is government. b. Are always choices that must be made. c. Are scarce resources within a fixed level of technology. d. Is unemployment of resources. Explanation: The points outside the production possibilities frontier are unattainable. This means that currently available resources and technology are insufficient to produce amounts greater than those illustrated on the frontier. On a graph, everything beyond the frontier is unattainable. AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 01 Easy Gradeable: automatic Learning Objective: 01-01 Topic: Modeling Opportunity Cost Using the Production Possibilities Frontier 4. The underlying reason production possibilities frontiers are likely to be bowed out (rather than linear) is because a. Choices have consequences. b. There are always opportunity costs. c. Some resources and people can be better used producing one good ratherthan another. d. There is always some level of unemployment. Explanation: If the production possibilities frontier is not a line but is bowed out away from the origin, then opportunity cost is increasing. The reason for this is that as we add more resources to the production of, for example, pizza, we are using fewer resources to produce soda. Compounding that problem, at each stage as we take the resources away from soda and put them into pizza, we are moving workers who are worse at pizza production and better at soda production than those moved in the previous stage. This means that the increase in pizza production is diminishing and the loss in soda production is increasing. An economist would call this an example of increasing opportunity cost. If the production possibilities frontier is a straight line that is not bowed out away from the origin, then opportunity cost is constant. AACSB: Knowledge Application Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 01 Easy Gradeable: automatic Learning Objective: 01-02 Topic: Attributes of the Production Possibilities Frontier

Show more Read less

Institution

FOUNDATIONS OF BUSINESS 7TH EDITION

Course

FOUNDATIONS OF BUSINESS 7TH EDITION

Whoops! We can’t load your doc right now. Try again or contact support.

Report Copyright Violation

Connected book

William M. Pride, Robert J. Hughes, Jack R. Kapoor Foundations of Business

Edition:2022
ISBN:9780357718049
Edition:Unknown

Written for

Institution: FOUNDATIONS OF BUSINESS 7TH EDITION
Course: FOUNDATIONS OF BUSINESS 7TH EDITION

Document information

Uploaded on: March 5, 2025
Number of pages: 310
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

Subjects

test bank foundations of business 7th edition wi

Content preview

123156789 7 61 73 5 3723312 1 7

6 2

2

!

,

2345678 46 7
234567876

!
"#$%&48&6'(5)763466374))&467&&37*'&76'&4
+,-6(4.7( 87 4' 7/ 0
1,-2)34'(4.7( 87 4'/ 0
4,-56789 6:9;:

!
<=

>?@9@@AB7<

!:9;<=

!9<
@A
C
D,-2)34'(4.7( 87 4))/ ()647)'0
E5)446%&48&6'(5)76346&3&7F)F76847G0
222% H7)7&6F7I3./
2&&7*)6'J7'*48K4F/46
) (L7864
M&)6'NOP7(
Q8474*)746(46&
R748/S*T7&6F7NGN
I 5&&(&4S55866'2 6
U#$258&65*)6786784(5)7( 7)
+,-V
89@<=
89
8<7@
@
@A7

>8@
<
!9@
<9@W
@7@
C
XY$Z8&7458&6[&(564(48.760
\Y$I37&6 58&// 0
]Y$I37(*78 5687^876 58&7F48'/)7F7) 6560
E5)446I3758&65*)67867833637^466' 63 /
6346&4*758&70_6(5)76346&48&6'87^876346&3&7*7(4746 33
6 7878&70
222% H7)7&6F7I3./
2&&7*)6'J7'*48K4F/46
) (L7864
M&)6'NOP7(
Q8474*)746(46&
R748/S*T7&6F7NGN
I 5&P 7)/S55866'2 6L/637Z8&6Z *)67 8678

,

23567897 9796677789979989
7976677
7979

7
676877

!"#$%
&"
#$"#%'("
#%$)*+,*-$&$.*/#0$1#2#1$'.$+#
,-'1'34$
89779787
56997567987678979778997
567968 79 7787976979879
87897769678796797896977 69
7967978997

:;<7=777569>9

77?7 @9
<7=777
A87BC5
D 7778
E7998F777BCGBC
57H79889:I967J89J7K97
L3567897 979897977>7 7
7
8M676997N787
:676797O8797
56777
89

P'Q#$"#%'("
#%$&-0$R#'R1#$
&-$S#$S#++#"$(%#0$R"'0(
*-3$'-#$
3''0$"&+,#"+,&-$&-'+,#"$
5677
77789779
5699767897979978
78

6799679899795677966
7
7787678997679TT9
77897
7
78787:899679767
7>767
787
98679TT9
779
>7
67

7TT899778969677967
78756796679779TT89969967
989979
979
8 69767
9798967897976976
9
78
67996798999

:;<7?9
77
9

77?7 @9
<7=777
A87BC5
D 7778
E7998F777BCGBU
57
8767J89J7K97

,

2356778986 8788688876
68886687868789998

8
66 8898 97
9!868 " 96
86
#$%&'(')*+,-'./0)1234/2,34/34'/556/718,(0/9134/:;/*(./31/34'/),043</
=$%57>8
8
8678
?$%@ >8
A698
6788
B$%57>8
A698
6788
C78DE876 6889 78
8898
8678
66F996G8696 >8
8

8678
FFE5HDI8 F778
F99DI 8J
8
H889DK
L6DMNC9
@ D68
OPA
DMNQMR
S87DC88@ 8
T3S87>8996789699787"
U3! 8989
V3W7 989
X3Y'Z,[,1([/31/7*\'/34'7['+8'[/*[/2'++/1]]/*[/;1[[,9+'
^3L 98986"

C78DS87>89967896997 98_6989
8>98 8A
E896 9 996 8"989
>779996A898688
FFE5HDK
S"
F99DI 8J
8
H889DK
L6DMNC9
@ D68
OPA
DMNQMN
S87DS"
C88

$23.49

Get access to the full document:

100% satisfaction guarantee

Immediately available after payment

Both online and in PDF

No strings attached

Get to know the seller

AllExamsAide

4.3

(12)

Get to know the seller

AllExamsAide Johns Hopkins University School Of Medicine

View profile

Sold

Member since

1 year

Number of followers

Documents

257

Last sold

2 weeks ago

4.3

12 reviews

Why students choose Stuvia

Created by fellow students, verified by reviews

Quality you can trust: written by students who passed their exams and reviewed by others who've used these notes.

Didn't get what you expected? Choose another document

No worries! You can immediately select a different document that better matches what you need.

Pay how you prefer, start learning right away

No subscription, no commitments. Pay the way you're used to via credit card or EFT and download your PDF document instantly.

“Bought, downloaded, and aced it. It really can be that simple.”

Alisha Student

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller AllExamsAide. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for $23.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews) 43863 documents were sold in the last 30 days Founded in 2010, the go-to place to buy summaries for 15 years now

TEST BANK -FOUNDATIONS OF BUSINESS 7TH EDITION (WILLIAM M. PRIDE, 2022)

Connected book

Written for

Document information

Subjects

Content preview

Get to know the seller

Recently viewed by you

Why students choose Stuvia

Created by fellow students, verified by reviews

Didn't get what you expected? Choose another document

Pay how you prefer, start learning right away

Frequently asked questions

What do I get when I buy this document?

Satisfaction guarantee: how does it work?

Who am I buying this summary from?

Will I be stuck with a subscription?

Can Stuvia be trusted?