Business, 12th Edition by William M. Pride & Robert J. Hughes | Comprehensive Test Bank; Complete Questions & Answers

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TEST BANK for Business, 12th Edition by William M.
Pride, Robert J. Hughes
All Chapters Fully Covered| Expert Verified Questions & 100%
Accurate Answers for Exam Preparations| A+ PASS RATED
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Chapter 1—Exploring the World of Business and Economics

ESSAY

1. In your own words, describe what you “bring to the table” as a potential employee of a company that
you desire to work for.

ANS:

Answer not provided.

PTS: 1 DIF: Difficulty: Easy REF: pp. 4-8 OBJ: LO: 1-1 NAT: BUSPROG: Communication

TOP: Your Future in the Changing World of Business KEY: Bloom's: Application



2. How can online networking improve your chances of success in the business world?

ANS:

Answer not provided.

PTS: 1 DIF: Difficulty: Moderate REF: p. 6 OBJ: LO: 1-1 NAT: BUSPROG: Communication

TOP: Your Future in the Changing World of Business KEY: Bloom's: Application



3. An entrepreneur combines four kinds of resources into a business. What would be the effect on the
business if any one were left out?
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ANS:

Answer not provided.
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PTS: 1 DIF: Difficulty: Challenging REF: p. 10
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OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
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Application
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4. What is profit, and why is it important to a business?
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ANS:
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Answer not provided.
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PTS: 1 DIF: Difficulty: Moderate REF: p. 11
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OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
Application



5. What three activities must a business perform in order to be successful? Briefly describe each of these
and why each is essential to business success.

ANS:

Answer not provided.

PTS: 1 DIF: Difficulty: Moderate REF: p. 9

OBJ: LO: 1-2 NAT: BUSPROG: Communication TOP: Business: A Definition KEY: Bloom's:
Synthesis



6. Explain how the notion of scarcity is related to personal as well as business decision making.

ANS:

Answer not provided.

PTS: 1 DIF: Difficulty: Moderate REF: p. 13

OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Application
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7. Explain how the basic economic questions are answered in capitalistic and command economies.
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Answer not provided.
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PTS: 1 DIF: Difficulty: Moderate REF: pp. 13-17
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OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Evaluation
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8. Why do we say that the U.S. economy is a mixed economy?
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Answer not provided.
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PTS: 1 DIF: Difficulty: Moderate REF: p. 15

OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Analysis



9. How does socialism differ from communism?

ANS:

Answer not provided.

PTS: 1 DIF: Difficulty: Moderate REF: pp. 16-17

OBJ: LO: 1-3 NAT: BUSPROG: Communication TOP: Types of Economic Systems KEY:
Bloom's: Analysis



10. Why is productivity important? How can a nation‟s productivity rate be improved?

ANS:

Answer not provided.

PTS: 1 DIF: Difficulty: Challenging REF: p. 17 OBJ: LO: 1-4 NAT: BUSPROG:
Communication

TOP: Measuring Economic PerformanceKEY: Bloom's: Synthesis
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11. What is real gross domestic product, and how does it differ from gross domestic product?
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ANS:
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Answer not provided.
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PTS: 1 DIF: Difficulty: Challenging REF: p. 18 OBJ: LO: 1-4 NAT: BUSPROG:
Communication
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TOP: Measuring Economic PerformanceKEY: Bloom's: Synthesis
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