BUS 6600 Bookout Final Exam Questions With
Correct Answers
Businesses |collect |______ |information |on |where |people |live, |what |they |buy, |and |how |they |
spend |their |time |- |CORRECT |ANSWER✔✔-demographic
Efficiency |means: |- |CORRECT |ANSWER✔✔-producing |goods |and |services |using |the |least |
amount |of |resources
When |corruption |is |present |in |the |business |environment: |- |CORRECT |ANSWER✔✔-company |
leaders |may |threaten |competitors |and |minimize |competition
Businesses |favor |______ |government |spending |because |it |keeps |taxes |to |a |minimum |- |
CORRECT |ANSWER✔✔-minimal
Technology |is |helping |turn |products |into |services |by |- |CORRECT |ANSWER✔✔-offering |new |
ways |to |access |items
Businesses |that |produce |and |tell |tangible |products |like |steel |and |machines |are |part |of |the |
______ |industry |- |CORRECT |ANSWER✔✔-manufacturing
Diversity |means: |- |CORRECT |ANSWER✔✔-dealing |sensitively |with |workers |and |cultures |around
|the |world
What |is |an |advantage |of |utilitizing |technology? |- |CORRECT |ANSWER✔✔-Productivity |increases
,A |simple |supply |curve |shows |a |relationship |between |the |- |CORRECT |ANSWER✔✔-price |of |a |
good |and |the |quality |of |that |good |sellers |are |willing |to |offer |for |sale |at |a |specific |point |in |time
A |bank |system |crashed. |These |circumstances |cut |into |consumers |purchasing |power, |causing |a |
severe |decline |in |the |proce |of |goods |and |services, |better |known |as |______ |- |CORRECT |
ANSWER✔✔-deflation
In |a |year, |the |price |of |a |gem |has |increased |from |$7/lb |to |$90/lb. |Under |these |circumstances |
and |the |fact |that |more |companies |are |looking |to |use |the |gem |in |their |products, |a |graph |of |the
|supply |and |demand |for |this |product |would |show |- |CORRECT |ANSWER✔✔-the |price |of |the |
gem |to |be |above |the |equilibrium |price |for |this |gem
A |major |benefit |of |socialism: |- |CORRECT |ANSWER✔✔-emphasis |on |social |equality
One |way |to |lessen |the |US |government |budget |deficit |is |to |- |CORRECT |ANSWER✔✔-cut |
spending
The |main |goal |of |resource |development |is |to |find |ways |to |- |CORRECT |ANSWER✔✔-increase |
the |amount |of |resources |and |create |conditions |that |will |make |better |use |of |those |resources
One |of |the |dangers |of |free |markets |is |that |business |people |and |others |may |let |_______ |guide |
their |behavior |- |CORRECT |ANSWER✔✔-greed
One |of |the |most |significant |problems |faced |by |communist |nations |is |- |CORRECT |ANSWER✔✔-
persistent |shortages |of |basic |goods |such |as |food |and |clothing
If |a |shortage |exists |for |a |good |in |a |free-market |economy, |the |- |CORRECT |ANSWER✔✔-price |of |
the |good |will |rise
, Keynesian |economic |theory |suggests: |- |CORRECT |ANSWER✔✔-short-term |increases |in |
govermenet |spending |to |stimulate |the |economy
There |are |a |large |number |of |bakeries |in |AL |and |each |produces |similar, |but |not |ideantial, |
products. |The |bakery |is |an |example |of |what |type |of |competition? |- |CORRECT |ANSWER✔✔-
Monopolistic
_____ |is |the |study |of |how |a |society |employs |its |limited |resources |to |produce |goods |and |
services |and |how |it |distributes |them |among |competiting |groups |and |individuals |- |CORRECT |
ANSWER✔✔-economics
A |_____ |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. |- |CORRECT |ANSWER✔✔-
Demand
______ |are |broad, |long-term |accomplishments |an |organization |wants |to |achieve |- |CORRECT |
ANSWER✔✔-goals
Management |function |that |involves |allocating |resources, |assigning |tasks, |and |establishing |
procedures |for |accomplishing |the |orgizational |objectives |- |CORRECT |ANSWER✔✔-organizing
_______ |skills |involve |a |manager's |ability |to |picture |the |organization |as |a |whole |and |the |
relationships |among |its |various |parts |- |CORRECT |ANSWER✔✔-conceptual
What |activities |are |part |of |the |organizing |function |of |management? |- |CORRECT |ANSWER✔✔-
Giving |front |line |workers |assitional |resources |needed |to |provide |faster |and |better |services |to |
customers
By |comparing |the |types |of |skills |used |by |managers |at |different |levels |within |an |organization, |
which |of |the |following |is |true |of |first |line |managers? |- |CORRECT |ANSWER✔✔-First |line |
managers |spend |most |of |their |time |explaining |procedures, |assigning |jobs, |and |evaluating |the |
Correct Answers
Businesses |collect |______ |information |on |where |people |live, |what |they |buy, |and |how |they |
spend |their |time |- |CORRECT |ANSWER✔✔-demographic
Efficiency |means: |- |CORRECT |ANSWER✔✔-producing |goods |and |services |using |the |least |
amount |of |resources
When |corruption |is |present |in |the |business |environment: |- |CORRECT |ANSWER✔✔-company |
leaders |may |threaten |competitors |and |minimize |competition
Businesses |favor |______ |government |spending |because |it |keeps |taxes |to |a |minimum |- |
CORRECT |ANSWER✔✔-minimal
Technology |is |helping |turn |products |into |services |by |- |CORRECT |ANSWER✔✔-offering |new |
ways |to |access |items
Businesses |that |produce |and |tell |tangible |products |like |steel |and |machines |are |part |of |the |
______ |industry |- |CORRECT |ANSWER✔✔-manufacturing
Diversity |means: |- |CORRECT |ANSWER✔✔-dealing |sensitively |with |workers |and |cultures |around
|the |world
What |is |an |advantage |of |utilitizing |technology? |- |CORRECT |ANSWER✔✔-Productivity |increases
,A |simple |supply |curve |shows |a |relationship |between |the |- |CORRECT |ANSWER✔✔-price |of |a |
good |and |the |quality |of |that |good |sellers |are |willing |to |offer |for |sale |at |a |specific |point |in |time
A |bank |system |crashed. |These |circumstances |cut |into |consumers |purchasing |power, |causing |a |
severe |decline |in |the |proce |of |goods |and |services, |better |known |as |______ |- |CORRECT |
ANSWER✔✔-deflation
In |a |year, |the |price |of |a |gem |has |increased |from |$7/lb |to |$90/lb. |Under |these |circumstances |
and |the |fact |that |more |companies |are |looking |to |use |the |gem |in |their |products, |a |graph |of |the
|supply |and |demand |for |this |product |would |show |- |CORRECT |ANSWER✔✔-the |price |of |the |
gem |to |be |above |the |equilibrium |price |for |this |gem
A |major |benefit |of |socialism: |- |CORRECT |ANSWER✔✔-emphasis |on |social |equality
One |way |to |lessen |the |US |government |budget |deficit |is |to |- |CORRECT |ANSWER✔✔-cut |
spending
The |main |goal |of |resource |development |is |to |find |ways |to |- |CORRECT |ANSWER✔✔-increase |
the |amount |of |resources |and |create |conditions |that |will |make |better |use |of |those |resources
One |of |the |dangers |of |free |markets |is |that |business |people |and |others |may |let |_______ |guide |
their |behavior |- |CORRECT |ANSWER✔✔-greed
One |of |the |most |significant |problems |faced |by |communist |nations |is |- |CORRECT |ANSWER✔✔-
persistent |shortages |of |basic |goods |such |as |food |and |clothing
If |a |shortage |exists |for |a |good |in |a |free-market |economy, |the |- |CORRECT |ANSWER✔✔-price |of |
the |good |will |rise
, Keynesian |economic |theory |suggests: |- |CORRECT |ANSWER✔✔-short-term |increases |in |
govermenet |spending |to |stimulate |the |economy
There |are |a |large |number |of |bakeries |in |AL |and |each |produces |similar, |but |not |ideantial, |
products. |The |bakery |is |an |example |of |what |type |of |competition? |- |CORRECT |ANSWER✔✔-
Monopolistic
_____ |is |the |study |of |how |a |society |employs |its |limited |resources |to |produce |goods |and |
services |and |how |it |distributes |them |among |competiting |groups |and |individuals |- |CORRECT |
ANSWER✔✔-economics
A |_____ |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. |- |CORRECT |ANSWER✔✔-
Demand
______ |are |broad, |long-term |accomplishments |an |organization |wants |to |achieve |- |CORRECT |
ANSWER✔✔-goals
Management |function |that |involves |allocating |resources, |assigning |tasks, |and |establishing |
procedures |for |accomplishing |the |orgizational |objectives |- |CORRECT |ANSWER✔✔-organizing
_______ |skills |involve |a |manager's |ability |to |picture |the |organization |as |a |whole |and |the |
relationships |among |its |various |parts |- |CORRECT |ANSWER✔✔-conceptual
What |activities |are |part |of |the |organizing |function |of |management? |- |CORRECT |ANSWER✔✔-
Giving |front |line |workers |assitional |resources |needed |to |provide |faster |and |better |services |to |
customers
By |comparing |the |types |of |skills |used |by |managers |at |different |levels |within |an |organization, |
which |of |the |following |is |true |of |first |line |managers? |- |CORRECT |ANSWER✔✔-First |line |
managers |spend |most |of |their |time |explaining |procedures, |assigning |jobs, |and |evaluating |the |
