BUSINESS 110 FINAL STUDY SET EXAM LATEST UPDATE 2024/2025 WITH QUESTIONS AND VERIFIED ANSWERS GRADED A+

BUSINESS 110 FINAL STUDY SET EXAM LATEST UPDATE 2024/2025 WITH QUESTIONS AND VERIFIED ANSWERS GRADED A+ According to economists, inflation is: - ANSWER A general rise in the level of prices An example of a command economy is: - ANSWER communism Andrew and Timmy are neighbors. Andrew owns a boat but never uses it. Timmy owns a car that he no longer needs since his son left for col lege in another state. Andrew needs a car. Andrew and Timmy make an agreement to trade the boat for car. What is the economic term given to this kind of exchange? - ANSWER Barter Andy is interested in investing in the stock market, but having studied the Great Depression in school, she is afraid she could lose all of her money. She reads through the finance pages of the newspaper and sees that unemployment has dropped to the lowest level it has been in the past ten years, new businesses are opening, housin g sales are up because interest rates are level, and the national debt is decreasing. If the economy is her only concern about buying stock, should she buy stock? - ANSWER The level of unemployment, the rise in new business starts, the increase in housing sales, and the decrease in national debt indicate that the economy is growing so it would be a good time to buy stock. Arthur Jones distributes rawhide to several different homes. In turn, each household produces a product such as satchels, belts, shoes, and boots, and then Arthur sells the finished goods. This represents a(n) - ANSWER Domestic system As a farmer, Charles Forsythe is familiar with the economics of perfect competition. How is the price at which he sells his corn determined? - ANSWER The pr ice is determined by combining the actions of all buyers and all sellers together. As Veronica Janneck and her friends prepare to graduate from college, they are faced with numerous job offers with starting salaries better than they could have imagined wh en they began college four years ago. Based on this information, which stage of the business cycle would the economy be in? - ANSWER Peak Boeing, Airbus, Bombardier Aerospace, and Cessna are among the ten manufacturers and sellers of business jets. Becaus e the production of jets requires a sizeable investment, it is difficult to enter this market and the sellers are quite large. Which of the following best describes the market or industry situation in which these companies operate? - ANSWER These businesse s operate in an oligopoly. Capital or capital goods as recognized by economists would include all of the following except - ANSWER crude oil. D'Jeanea inherited money from her grandparents in 2007 and invested it in the stock market. In 2008 the market d ropped drastically. During the recession that followed, her portfolio lost thousands of dollars in value even though all of the companies she invested in remained solvent. D'Jeanea left her money in the market and kept it invested in the same companies as 2007. What is the most likely state of her portfolio today? - ANSWER It has most likely gained value due to the uptick in the business cycle and economic growth experienced since 2011 and it is no doubt worth as much or more than it was worth in 2007. During which phase do high unemployment rates decline and levels of income increase? - ANSWER Recovery Economists define a ____ as two consecutive three -month periods of decline in a country's gross domestic product. - ANSWER Recession If all leading cor porations in the soft -drink industry merged, this would - ANSWER Create a monopoly In Adam Smith's view, which of the following is not the role of government in business? - ANSWER Regulating business activity Kroger grocery stores would most likely be cl assified as - ANSWE R a marketing intermediary. Mandy Bush decides to start a residential landscaping business. How would this business most likely be classified? - ANSWER Service business Stella and Matt went to the mall. While there they passed a Vans s tore, Nike's store, New Balance store, and Adidas store. Matt commented that there was really a large number of sellers and noted that there seemed to be many buyers as well. What kind of market competition is represented by these stores? - ANSWER perfect When consumers spend their money to purchase Samsung android phones or computers with an Intel processor, or when they discontinue buying such items as compact discs, they are telling resource owners - ANSWER what to produce When did the U.S. government become more deeply involved in business than it had been previously? - ANSWER After Franklin D. Roosevelt became president Which of the following is not a feature of laissez faire capitalism? - ANSWER Guaranteed income A credit card company is offering a n annual percentage rate of 3.9 percent. However, the company fails to mention that this is an introductory rate, and when consumers receive their bills after six months the rate increases to 21.9 percent. The consumers feel their right to ____ has been ab used. - ANSWER be informed A large computer manufacturer forbids its executives and managers from serving as directors or officers for Hewlett -Packard or any other corporations from which it might purchase component parts. The company is trying to prevent - ANSWER a conflict of interest A program to implement social responsibility in business begins with - ANSWER total commitment of top management. After consulting her company's code of ethics, Vera is still unsure of whether or not the decision she is a bout to make is ethical. Which of the following actions would be most appropriate? - ANSWER Determine whether coworkers, suppliers, and customers would approve of the action. All of the following are arguments against increased social responsibility excep t - ANSWER social responsibility by firms can prevent increased government intervention. All of the following are factors that affect the level of ethical behavior in an organization except - ANSWER demographic factors. Andrea purchases a Blu -ray player at a store that sells refurbished merchandise. The store has a big sign stating "Caveat Emptor" posted out front and at the cash register. This sign most likely translates to a policy of - ANSWER all sales are final (no re funds or exchanges).