BUS 6600 FINAL EXAM QUESTIONS WITH VERIFIED
ANSWERS
Which industry will most likely benefit from an aging population? - Answers - Home
health care business
Empowerment means - Answers - Giving employees the authority to make decisions
World trade has both benefits and costs. Which statement best attests to this fact? -
Answers - Engaging in international trade can significantly lower the costs for parts and
products, but it also carries the risk of substantial disruption if supply chain issues arise.
Effectiveness means - Answers - Producing the desired result
Healthcare, insurance, recreation and other intangible products are provided by what
industry? - Answers - Service industry
When corruption is present in the business environment, what often occurs? - Answers -
Company leaders threaten competitors and minimize competition.
What policies tend to favor business? - Answers - Minimal government spending
because it keeps taxes to a minimum.
Manufacturing firms in the United States have consistently been laying off workers.
Based on what you have learned, the best explanation of this trend is what? - Answers -
Firms in many industries have become so efficient that they need fewer workers
The resources that contribute to the creation of wealth are known as what? - Answers -
Factors of production
Taxes and government regulations are part of the ______________ environment of
business. - Answers - Economic and legal
What statement is accurate about the threat of terrorism and business? - Answers - It is
costly to most firms because of increased costs for security, equipment, and insurance.
Since the beginning of the 1900s, the agricultural sector of the United States has -
Answers - Experienced a significant drop in employment, mainly because of
tremendous improvements
in efficiency.
Which individual would tend to favor a socialist economy? - Answers - Amber prefers to
live in a country that promotes social equality
, Microeconomics - Answers - Looks at the behavior of individual people and
organizations in specific markets
Which policy suggests Keynesian economic theory? - Answers - short-term increases in
government spending to stimulate the economy
As you are reading the online edition of your local newspaper, you quickly scan a report
in the business section that says government spending will again exceed tax revenues
in the current year. What does this mean for the economy? - Answers - total national
debt is likely to increase
There are innovations involving new ways to produce and conserve energy. If we can
turn this new technology into marketable products and services that produce energy to
run our businesses and homes, the U.S. could see a surge in output of goods and
services. What would be measured to document this surge? - Answers - Gross
Domestic Product, which is the value of a nation's total output of final goods and
services over a given year
The United States greatly relies on GDP data. However, it is only the total value of
finished goods produced by the country. Officials are looking to measure total sales
volume at all stages of production. What statistic would be most useful to them? -
Answers - Gross output, which is the measure of total sales volume at all stages of
production
What is the name of a free-market economic system in which most factors of production
and distribution—such as land, factories, railroads, and stores— are owned by
individuals? - Answers - Capitalism
The main goal of resource development is to find ways to - Answers - increase the
amount of resources and create conditions that will make better use of those resources
Which statement about the Federal Reserve Bank (the Fed) is most accurate? -
Answers - the fed manages the U. S. money supply and interest rates
Efforts by the Fed to control the money supply and interest rates are known as what
policy? - Answers - Monetary
If a shortage exists for a good in a free-market economy, what happens to the price of
the good? - Answers - It will rise.
One way to lessen the U.S. government budget deficit is to - Answers - Cut spending
A command economic system is characterized by what? - Answers - Reliance on the
government to determine what is produced and who gets the output
ANSWERS
Which industry will most likely benefit from an aging population? - Answers - Home
health care business
Empowerment means - Answers - Giving employees the authority to make decisions
World trade has both benefits and costs. Which statement best attests to this fact? -
Answers - Engaging in international trade can significantly lower the costs for parts and
products, but it also carries the risk of substantial disruption if supply chain issues arise.
Effectiveness means - Answers - Producing the desired result
Healthcare, insurance, recreation and other intangible products are provided by what
industry? - Answers - Service industry
When corruption is present in the business environment, what often occurs? - Answers -
Company leaders threaten competitors and minimize competition.
What policies tend to favor business? - Answers - Minimal government spending
because it keeps taxes to a minimum.
Manufacturing firms in the United States have consistently been laying off workers.
Based on what you have learned, the best explanation of this trend is what? - Answers -
Firms in many industries have become so efficient that they need fewer workers
The resources that contribute to the creation of wealth are known as what? - Answers -
Factors of production
Taxes and government regulations are part of the ______________ environment of
business. - Answers - Economic and legal
What statement is accurate about the threat of terrorism and business? - Answers - It is
costly to most firms because of increased costs for security, equipment, and insurance.
Since the beginning of the 1900s, the agricultural sector of the United States has -
Answers - Experienced a significant drop in employment, mainly because of
tremendous improvements
in efficiency.
Which individual would tend to favor a socialist economy? - Answers - Amber prefers to
live in a country that promotes social equality
, Microeconomics - Answers - Looks at the behavior of individual people and
organizations in specific markets
Which policy suggests Keynesian economic theory? - Answers - short-term increases in
government spending to stimulate the economy
As you are reading the online edition of your local newspaper, you quickly scan a report
in the business section that says government spending will again exceed tax revenues
in the current year. What does this mean for the economy? - Answers - total national
debt is likely to increase
There are innovations involving new ways to produce and conserve energy. If we can
turn this new technology into marketable products and services that produce energy to
run our businesses and homes, the U.S. could see a surge in output of goods and
services. What would be measured to document this surge? - Answers - Gross
Domestic Product, which is the value of a nation's total output of final goods and
services over a given year
The United States greatly relies on GDP data. However, it is only the total value of
finished goods produced by the country. Officials are looking to measure total sales
volume at all stages of production. What statistic would be most useful to them? -
Answers - Gross output, which is the measure of total sales volume at all stages of
production
What is the name of a free-market economic system in which most factors of production
and distribution—such as land, factories, railroads, and stores— are owned by
individuals? - Answers - Capitalism
The main goal of resource development is to find ways to - Answers - increase the
amount of resources and create conditions that will make better use of those resources
Which statement about the Federal Reserve Bank (the Fed) is most accurate? -
Answers - the fed manages the U. S. money supply and interest rates
Efforts by the Fed to control the money supply and interest rates are known as what
policy? - Answers - Monetary
If a shortage exists for a good in a free-market economy, what happens to the price of
the good? - Answers - It will rise.
One way to lessen the U.S. government budget deficit is to - Answers - Cut spending
A command economic system is characterized by what? - Answers - Reliance on the
government to determine what is produced and who gets the output
