TLI Exam Assignment 1 (All Questions and 100% VERIFIED
ANSWERS) Semester 1 2024
1. When developing and maintaining good stakeholder relationships, companies find that -
ANSWER most often, they must balance the needs of the stakeholders with the need to
make profits
2. The branch of economics that looks at the operation of a nation's economy as a whole is -
ANSWER macroeconomics
3. Which of these industries is among the fastest growing today? - ANSWER Health
4. ________ economies exist when the government controls what goods and services will be
produced and how the economy will grow, while ________ economies exist when the market
largely determines what goods and services get produced and how the economy grows. -
ANSWER Command; free-market
5. Through the enactment of __________ policy, the U.S. government collects tax dollars and
then spends some of these funds to maintain the infrastructure of the nation, such as roads and
utilities. - ANSWER fiscal
6. The U.S. unemployment rate is a key economic indicator because most of us need jobs to
maintain our standard of living. A criterion used to calculate the unemployment rate is -
ANSWER unemployed persons age 16 and over, who have been looking for work
during the past four weeks
7. Which factor of production includes the machines, buildings, and tools used in the production
of goods? - ANSWER Capital
,8. Gross domestic product (GDP) reflects which economic measure? - ANSWER The total
value of final goods and services produced in a country in a given year
9. Profit is best described as - ANSWER Money earned after expenses and salaries are
paid.
10. In the Philadelphia suburb where Matias operates a small shoe store, many young families with
children are moving in, and most older residents are moving out. Which business environment
is being affected by this change? - ANSWER social
11. The way in which a country's resources are utilized to produce goods and services and the way
those goods and services are distributed among those who desire to have them depends upon
the - ANSWER economic system under which the country operates
12. When an airline decides to buy new planes and is deciding which company to buy from, it
doesn't have a lot of options to choose from. This demonstrates - ANSWER an oligopoly
13. What is the best example of a service business? - ANSWER day care center
14. Adam Smith believed that one's self-directed gain would eventually create prosperity for many,
and called the process the - ANSWER Invisible hand
15. The ________ curve indicates the relationship between the price of a good and the quantity
supplied. - ANSWER Supply
16. Which business environment determines whether people believe they can afford to take a
financial risk and start a business? - ANSWER Economic and legal
17. Imagine that new sources of energy have become marketable and the industries involved have
hired thousands to operate the emergence of new businesses. Due to increasing salaries in
several other industries that partner with energy companies, the demand for everything from
, food to entertainment to travel has increased. High demand has brought about shortages in
some product categories. To help manage the situation in the short term, - ANSWER the
Fed will likely increase interest rates
18. The global economic trend has been for ________ countries to move toward ________. -
ANSWER capitalist; socialism
19. Free-market capitalism includes four basic rights: the right to own property, the right to own a
business and keep the profits; the right to freedom of choice; and the right to - ANSWER
freedom of competition
20. If Congress passes an economic stimulus package that includes government spending on roads,
bridges, and water purification systems, along with substantial tax cuts for most U.S. workers,
this reflects a belief in - ANSWER Keynesian economic theory
21. The law that specifically prohibits "questionable" or "dubious" payments to foreign officials
to secure business contracts is called the - ANSWER Foreign Corrupt Practices Act
22. Countries participate in foreign trade because - ANSWER no nation can produce all the
products its people want and need.
23. As the United States does not produce enough sugar to meet food manufacturer's demands, it
imports additional sugar cane, mostly from Central and South America. But for decades, the
United States has restricted the amount of foreign sugar allowed into the country to about 15
percent of the market. This is an example of which trade policy? - ANSWER import
quotas
24. Because of the high volume of motorbikes and scooters as a common form of transportation in
Indonesia, Paulo wants to sell his combo bike cup/key holders in this foreign market. Currently,
ANSWERS) Semester 1 2024
1. When developing and maintaining good stakeholder relationships, companies find that -
ANSWER most often, they must balance the needs of the stakeholders with the need to
make profits
2. The branch of economics that looks at the operation of a nation's economy as a whole is -
ANSWER macroeconomics
3. Which of these industries is among the fastest growing today? - ANSWER Health
4. ________ economies exist when the government controls what goods and services will be
produced and how the economy will grow, while ________ economies exist when the market
largely determines what goods and services get produced and how the economy grows. -
ANSWER Command; free-market
5. Through the enactment of __________ policy, the U.S. government collects tax dollars and
then spends some of these funds to maintain the infrastructure of the nation, such as roads and
utilities. - ANSWER fiscal
6. The U.S. unemployment rate is a key economic indicator because most of us need jobs to
maintain our standard of living. A criterion used to calculate the unemployment rate is -
ANSWER unemployed persons age 16 and over, who have been looking for work
during the past four weeks
7. Which factor of production includes the machines, buildings, and tools used in the production
of goods? - ANSWER Capital
,8. Gross domestic product (GDP) reflects which economic measure? - ANSWER The total
value of final goods and services produced in a country in a given year
9. Profit is best described as - ANSWER Money earned after expenses and salaries are
paid.
10. In the Philadelphia suburb where Matias operates a small shoe store, many young families with
children are moving in, and most older residents are moving out. Which business environment
is being affected by this change? - ANSWER social
11. The way in which a country's resources are utilized to produce goods and services and the way
those goods and services are distributed among those who desire to have them depends upon
the - ANSWER economic system under which the country operates
12. When an airline decides to buy new planes and is deciding which company to buy from, it
doesn't have a lot of options to choose from. This demonstrates - ANSWER an oligopoly
13. What is the best example of a service business? - ANSWER day care center
14. Adam Smith believed that one's self-directed gain would eventually create prosperity for many,
and called the process the - ANSWER Invisible hand
15. The ________ curve indicates the relationship between the price of a good and the quantity
supplied. - ANSWER Supply
16. Which business environment determines whether people believe they can afford to take a
financial risk and start a business? - ANSWER Economic and legal
17. Imagine that new sources of energy have become marketable and the industries involved have
hired thousands to operate the emergence of new businesses. Due to increasing salaries in
several other industries that partner with energy companies, the demand for everything from
, food to entertainment to travel has increased. High demand has brought about shortages in
some product categories. To help manage the situation in the short term, - ANSWER the
Fed will likely increase interest rates
18. The global economic trend has been for ________ countries to move toward ________. -
ANSWER capitalist; socialism
19. Free-market capitalism includes four basic rights: the right to own property, the right to own a
business and keep the profits; the right to freedom of choice; and the right to - ANSWER
freedom of competition
20. If Congress passes an economic stimulus package that includes government spending on roads,
bridges, and water purification systems, along with substantial tax cuts for most U.S. workers,
this reflects a belief in - ANSWER Keynesian economic theory
21. The law that specifically prohibits "questionable" or "dubious" payments to foreign officials
to secure business contracts is called the - ANSWER Foreign Corrupt Practices Act
22. Countries participate in foreign trade because - ANSWER no nation can produce all the
products its people want and need.
23. As the United States does not produce enough sugar to meet food manufacturer's demands, it
imports additional sugar cane, mostly from Central and South America. But for decades, the
United States has restricted the amount of foreign sugar allowed into the country to about 15
percent of the market. This is an example of which trade policy? - ANSWER import
quotas
24. Because of the high volume of motorbikes and scooters as a common form of transportation in
Indonesia, Paulo wants to sell his combo bike cup/key holders in this foreign market. Currently,
