Mgmt1000 Midterm

MGMT1000 MIDTERM EXAM QUESTIONS WITH CORRECT VERIFIED ANSWERS | 100% PASS (A+ CERTIFIED) The Ice Cream Shoppe in downtown Vancouver is $100 short after paying all costs associated with producing and distributing its products. The $100 is: Answer Loss A country where businesses are privately owned, profits are kept by owners and free trade exists is a _______ country: Answer Capitalist The rivalry amongst McDonald's and Wendy's can be classified as: Answer Competition In input markets, households supply the ___________ to businesses in order for them to supply __________ in output markets. Answer Resources; products The quality of life in a country is influenced by all of the following factors except: Answer Life expectancy Sarah is the manager of a company whose goal is to provide relief for tsunami victims. At the company's annual general meeting, she is challenged by upper management as the company is showing income from their activities after covering all costs. Sarah works for a: Answer Not-for-profit John is an accountant for Breeze Smoothie Co. He notices the company has increasingly high costs and he is not making enough money to cover these costs. Breeze Smoothie Co. is experiencing a: Answer Profit loss The Ice Cream Shoppe in downtown Vancouver has $100 left after paying all costs associated with producing and distributing its products. The $100 is: Answer Profit In the country of Narnia, all the factors of production are government owned and the government has complete control over prices and economic activity. Narnia is experiencing: Answer Communism The main incentive in a capitalist society is: Answer Profit Metal, glass and plastic are some of the raw materials used to make an iPhone. In addition, the factory, labourers and design blueprints are required to form a finished product. These are considered: Answer Factors of production Goods are _______ items produced by businesses, while services are _______ offerings of businesses. Answer Tangible; intangible An organization that strives for profit by generating goods and services is a: Answer Business In the nation of Neverland, the transportation, communications and utility industries are government owned. Private businesses include retail and smaller industries. The government has some influence on prices and economic activity. Neverland is experiencing: Answer Socialism Goodwill, United Way, and Habitat for Humanity are all examples of: Answer Not-for-profits The economic system that encourages entrepreneurship, profit generation and private ownership of the factors of production is: Answer Market economies Tom, a worker in the Unemployment Insurance office, notices high quantities of unemployment insurance claims in the month of June. He is worried as this means many people recently lost their jobs and therefore have less money to spend on goods and services. This is an example of a(n): Answer Economic indicator